SILVER TECHS: Correction Extends
Jul-06 07:08By: Taso Anastasiou
- RES 4: $26.771 - High Mar 9 2022
- RES 3: $26.222 - High Apr 18 2022 and a key resistance
- RES 2: $25.477/26.135 - High May 11 / 5 and bull trigger
- RES 1: $23.480/24.530 - 50-day EMA / High Jun 9 and key resistance
- PRICE: $23.215 @ 08:07 BST Jul 6
- SUP 1: $22.111 - Low Jun 23 and the bear trigger
- SUP 2: $21.375 - 76.4% retracement of the Mar 10 - May 5 rally
- SUP 3: $20.591 - Low Mar 13
- SUP 4: $19.904 - Low Mar 10 and a key support
Recent Silver gains still appear to be a correction. The continuation higher this week has exposed resistance at $23.480, the 50-day EMA. Clearance of this level would signal scope for a stronger retracement with key resistance at $24.530, the Jun 9 high. For bears, a resumption of weakness would open $22.111, the Jun 23 low and bear trigger. Clearance of this level would confirm a resumption of the downtrend.
