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  • SILVER - Weekly Report



    by icn.com

    Short Term trend: Sideways
    Intraday Bias: Bullish

    Silver extends the rebound from the main ascending support and 20.60 horizontal support level, approaching the 50-days SMA again. The bullish scenario is favored this week, as price could be heading to complete a double bottom pattern with a neckline at 22.50 resistance.

    ** 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

    **This analysis follows a discretionary approach(opposed to rule based), and thus outlook and views shall change regularly according to latest price input.
    Support 22.00 21.75 21.50 21.30 21.00
    Resistance 22.20 22.50 22.80 23.00 23.40
    Recommendation Long above 22.00, targets at 22.50 and 23.00. Stop loss below 21.50


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