April 23, 2024 07:14 GMT
Unwinding An Overbought Condition
SILVER TECHS
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- RES 4: $30.912 - 3.00 proj of the Oct 3 - 20 - Nov 13 price swing
- RES 3: $30.100 - Feb 2021 high and a key resistance
- RES 2: $30.000 - Psychological round number
- RES 1: $28.936/29.797 - High Apr 19 / 12
- PRICE: $26.868 @ 08:13 BST Apr 23
- SUP 1: $26.696 - 20-day EMA
- SUP 2: $25.702/328 - 50-day EMA / Low Mar 27
- SUP 3: $22.277 - Low Feb 28
- SUP 4: $21.928 - Low Jan 22 and a key support
A sharp sell-off in Silver yesterday highlights the start of a corrective cycle. The metal has traded through the 20-day EMA and an extension lower would signal scope for a move towards $25.702, the 50-day EMA. Note that a pullback is allowing an overbought trend condition to unwind. A break of the 50-day EMA is required to strengthen a bearish threat. On the upside, key resistance and the bull trigger is at $29.797, the Apr 12 high.
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