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Volatile But Remains Bullish

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 - High Jul 28
  • PRICE: $24.307 @ 08:32 BST Jul 29
  • SUP 1: $22.317 - Low Jul 28 and key intraday support
  • SUP 2: $22.261 - Low Jul 21
  • SUP 3: $21.283 - Low Jul 22
  • SUP 4: $20.740 - 20-day EMA

Silver remains bullish despite yesterday's volatile price action. This week,
the metal traded to a high of $26.204, 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, we are monitoring this for any signs of a top. The
initial key support lies at $22.317, yesterday's low.

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