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At key support and retested 1142 but 1130 is still possible
Target 1121 on any short trade once we break below 1130
As long as price trade within the downward channel, then 1100 is possible
RSI is hitting oversold area but bear remains in control
20 ma is resistance where sellers could add with tight stops otherwise the 50 ma that could coincide with the 50% fib at 1175 levels
Is there a possibility for Silver to retest 13.99 – why not? Weakness as long as price trade below 20 ma
Price action still within a downward sloping channel but key support at the rising trend line at 14.60 (break this then 13.99 is possible)
Not ruling out a retest lower at 14.65
We did anticipate the break out of the symmetrical triangle in the 4 hour chart. However, there were no relief rally and we cannot discount the possibility of lower numbers. Psychological support at 1000 will play a big factor here but a retest on the lower end of the purple downward channel remains. We are open to any lower target of up to 962.3 once 1000 gives way.
Despite the RSI indicator giving a bullish divergence, the selloff continues and catching a falling knife is not the best option here. Redrawing the downward channel, a retest lower is still at play and we cannot rule out support at various key levels such as 599.9 and 578.8.