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Uptrend Extends

SILVER TECHS
  • RES 4: $27.000 - Round Number Resistance
  • RES 3: $26.559 - 2.764 proj of Mar 18 - Apr 10 rally from Apr 21 low
  • RES 2: $26.220 - 38.2% retracement of the 2011 - 2020 downtrend
  • RES 1: $26.204 - Intraday high
  • PRICE: $24.471 @ 08:00 BST Jul 28
  • SUP 1: $22.710 - Low Jul 27
  • SUP 2: $22.261 - Low Jul 21
  • SUP 3: $21.283 - Low Jul 22
  • SUP 4: $20.311 - 20-day EMA

Silver rallied further overnight but has given up its gains and is trading
near today's low. A bullish theme remains intact though. Overnight gains
traded just short of $26.220, 38.2% of the major 2011 - 2020 downtrend.
A breach of the retracement would open $26.559, a Fibonacci projection.
Note, the trend is in an extreme overbought position and price action may
start trading in a more choppy manner. Firm support is at $22.261, Jul 23.

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