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  • SILVER - Weekly Report



    By icn.com

    Short Term trend: Bearish
    Intraday Bias: Bearish

    Silver bounced after testing the 50-days SMA to retest the broken key-support-turned-resistance around 23.30-23.45, where we expect the bearish wave to resume and the metal to extend losses this weerk, and break below the 50-days average would be another bearish signal. On other hand, settling back above 22.45 may extend the bullish bounce.

    ** Short term Trend (Trends that last from two weeks to two months)
    ** Chart is based on GMT+2 timing

    Notes:
    *if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore.
    *Support and Resistance levels should be treated as regions not precise numbers
    Support 21.90 21.50 21.30 20.80 20.60
    Resistance 22.30 22.45 22.75 23.20 23.40
    Recommendation Short below 22.30. targets at 21.70,21.30 and 20.80. Stop loss hourly closing above 22.75


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