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Silver Price Technical Analysis: Support levels in focus

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(Kitco News) - The price of silver didn't last long above $25/oz and has fallen to hit $2362/oz. Today the price has risen half a percent but this largely looks like a retracement from the move lower in recent sessions. The move has now stalled and this comes ahead of the next support at $23/oz.

Looking at the 4-hour chart below the price could come back to test the trendline. The trendline also confluences with the volume point of control (VPOC) which is marked by the red horizontal line. The aforementioned VPOC has been acting like a magnet for the price for a while now so it would not be a big surprise if the price did come back there. On the upside, if the price does break the VPOC the next level to watch out for is the blue resistance area at $24.75/oz.

On the downside, the current wave low is the one for the bears to watch at $23.29/oz. Below that, the main support area in focus should be at the orange area, and beyond that the main consolidation low at $21.50/oz.

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