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  • SILVER - Weekly Report



    Short Term trend: Bearish
    Weekly Bias: Bearish

    The metal has plummeted forming a long black candlestick pattern on Friday. The closing was achieved negatively below the support-turned into resistance- at 22.20 and below moving averages too. A retest of the above mentioned broken support might be seen before resuming the main downtrend this week chiefly targeting 20.25 zones while SMA 50 at 23.25 could be the ceiling for bears over upcoming sessions

    ** Short term ( Less than three 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 21.50 21.00 20.80 20.25 20.00
    Resistance 22.10 22.55 22.85 23.10 23.35
    Recommendation
    Based on the chart and explanations above, we believe that selling the metal around 22.10 targeting 20.25 and stop loss at 23.30 could be appropriate this week.


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