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(Kitco Information) – The 4-hour chart under exhibits that silver is recovering from a long-term downtrend. The worth dropped from 1st June ($28.71/oz) all the way down to $22.29/oz. Since that time, the worth has made 3 larger lows and broke by way of the $23 and $24/ouncespsychological zones.
The worth has moved out of the worth space of the present consolidation however the bulls will likely be trying to see if the $24.68/ouncesresistance degree may be damaged to the upside. Past that time, the following resistance zone lies at $25.69/oz.
On the draw back, any break under $23/ouncescould spell hassle for the bulls. The gray upward sloping trendline can also be necessary from a technical standpoint. If it breaks it may imply that this transfer larger was only a retracement and the downtrend may proceed. If that occurs, $22.29/ounceswould be a big assist space.