Ransquawk

On the daily chart, we observe an interesting technical picture on SILVER quotations. The graph shows that once again the bearish trend line, connecting the previous peaks is in game. In spite of the dynamic increase, equally dynamic supply erased the upward movement. Currently, the rate fluctuates around the readable resistance zone. On the one hand, you can talk about a classic test, looking for a short position at current levels. On the other hand, you can indicate two reasons for a downward scenario. First of all, the quotations from recent months show that the downward movement lasting from mid-June already has a very large range as per the prevailing conditions here. Secondly, we already had a re-test of resistance. On 27 June, the course broke support, and in the next two days, the price came back under resistance. The supply reaction appeared on July 2. Although there were volatile moves, the price quickly returned under resistance. Or so, we have a re-test or the supply does not have enough strength to continue the declines and a larger correction will be needed.

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Ransquawk