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Trading Closer To Its Recent Highs

SILVER TECHS
  • RES 4: $35.736 - 1.236 proj of Jan 22 - Apr 12 - May 2 price swing
  • RES 3: $35.226 - 50.0% of the Apr 2011 - Mar 2020 bear leg
  • RES 2: $33.880 - 1.00 proj of the Jan 22 - Apr 12 - May 2 price swing
  • RES 1: $32.518 - High May 20 and bull trigger
  • PRICE: $30.644 @ 07:58 BST Jul 15
  • SUP 1: $30.273/28.573- 20-day EMA / Low Jun 26 and bear trigger
  • SUP 2: $27.971 - Low May 13
  • SUP 3: $26.018 - Low May 2 and a key support
  • SUP 4: $24.328 - Low Mar 27

Silver has recovered from its recent lows and the metal continues to trade closer to its latest highs. The break of $30.853, the Jun 21 high, is a bullish development and undermines a recent bearish theme. A continuation higher would signal scope for a test of the key resistance and the bull trigger at $32.518, the May 20 high. On the downside, key support and the bear trigger, lies at $28.573, the Jun 26 low.

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