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Trend Outlook Remains Bearish

SILVER TECHS
  • RES 4: $26.467 - High Jul 14
  • RES 3: $26.002 - High Aug 04 and a key resistance
  • RES 2: $24.997 - 50-day EMA
  • RES 1: $24.083 - 20-day EMA
  • PRICE: $23.736 @ 07:23 BST Aug 25
  • SUP 1: $22.626 - Low Aug 09 and the bear trigger
  • SUP 2: $21.899 - Low Nov 30, 2020
  • SUP 3: $20.871 - 50% retracement of the Mar '20 - Jan '21 rally
  • SUP 4: $20.000 - Psychological round number

Silver traded higher Monday but remains vulnerable. Moving average conditions continue to highlight a bearish theme and note too that price action since Aug 9, still appears to be a flag - a bearish formation. A break and close below the Aug 9 low of $22.626 would confirm a resumption of bearish pressure and open a key Fibonacci support at 20.871, 50% of the Mar '20 - Feb '21 range. The 20-day EMA at $24.083 marks resistance.

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