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Trend Direction Remains Down

SILVER TECHS
  • RES 4: $21.540 - High Jun 27
  • RES 3: $20.876 - High Aug 15 and the bull trigger
  • RES 2: $19.020/705- 20- and 50-day EMA values
  • RES 1: $18.544 - High Aug 31
  • PRICE: $18.121 @ 07:57 BST Sep 5
  • SUP 1: $17.562 - Low Sep 1
  • SUP 2: $16.955 - Low Jun 15 2020
  • SUP 3: $16.473 - 1.00 proj of the Jun 6 - Jul 14 - Aug 10 price swing
  • SUP 4: $15.998 - 76.4% retracement of the 2020 - 2021 bull leg

The Silver outlook remains bearish. Last week’s sell-off confirms a resumption of the bear leg that started Aug 15 - the metal has cleared support at $18.146, the Jul 14 low and bear trigger. The break lower also maintains the bearish price sequence of lower lows and lower highs. The focus is on $16.955 next, the Jun 15 2020 low. Initial firm resistance is seen at $18.544, the Aug 31 high.

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  • RES 4: $21.540 - High Jun 27
  • RES 3: $20.876 - High Aug 15 and the bull trigger
  • RES 2: $19.020/705- 20- and 50-day EMA values
  • RES 1: $18.544 - High Aug 31
  • PRICE: $18.121 @ 07:57 BST Sep 5
  • SUP 1: $17.562 - Low Sep 1
  • SUP 2: $16.955 - Low Jun 15 2020
  • SUP 3: $16.473 - 1.00 proj of the Jun 6 - Jul 14 - Aug 10 price swing
  • SUP 4: $15.998 - 76.4% retracement of the 2020 - 2021 bull leg

The Silver outlook remains bearish. Last week’s sell-off confirms a resumption of the bear leg that started Aug 15 - the metal has cleared support at $18.146, the Jul 14 low and bear trigger. The break lower also maintains the bearish price sequence of lower lows and lower highs. The focus is on $16.955 next, the Jun 15 2020 low. Initial firm resistance is seen at $18.544, the Aug 31 high.