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The past few weeks have definitely been heavy for Silver (SLV). Since hitting the 38.2 percent Fibonacci retracement level, silver has been hit with nothing but downward pressure.
On the daily bar chart, which requires a tighter lens/timeframe, SLV is nearing important support around the 200 day moving average (30.11). And on the weekly bar chart (a bit wider lens), the ETF is nearing its 20 week moving average (29.63). This is the 50 cent band that bulls should be watching near term. If these levels fail, then SLV will likely head to one or both gap-fill levels around 29 and 28.
Trade safe, trade disciplined.
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