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21.09.2011 Daily Technical Report SILVER

Published 09/21/2011, 08:45 AM
Updated 03/09/2019, 08:30 AM
Break under trend-line support less dynamic than expected.

Silver’s price activity is still choppy, having failed beneath the target zone at 43.8477-80. The move was triggered following a DeMark™ exhaustion sell signal, which also appeared on Gold ahead of its latest reversal.

Trend-line support near 40.000 has now been breached. This now has the potential to unlock sharp setbacks into 38.2100 (20th July low) and 35.8576 (200-dMA). However, the failure to gain momentum following this break is noted.

Key macro support exists at 26.9600 (50% Fib-1999 bull market) and would still mean that silver’s long-term uptrend remains intact.

Please see the attached chart below...

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