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YTD Lows to Start the Week

SILVER TECHS
  • RES 4: $25.293 - High Apr 20
  • RES 3: $24.729 - 76.4% retracement of the Mar - Sep bear leg
  • RES 2: $24.637 - High Feb 2 and the bull trigger
  • RES 1: $22.331 - 20-day EMA
  • PRICE: $20.662 @ 07:32 GMT Feb 27
  • SUP 1: $20.573 - Low Feb 27
  • SUP 2: $20.375 - 2.0% Lower Bollinger Band
  • SUP 3: $20.265 - 61.8% retracement of the Sep 1 - Feb 2 bull leg
  • SUP 4: $20.058 - Weekly Candle Uptrendline Drawn off 2022 Low

The sharp sell-off in Silver accelerated last week, with Friday marking the first close below the 200-dma since November last year. Moving averages have similarly started to tilt lower, with the mid-February turn in 50-dma underlining the turn lower in momentum. Next major support crosses at the 20.265 Fib retracement for the Sep - Feb upleg, a break below which opens the uptrendline on the weekly candle chart drawn off the 2022 lows.

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