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David Becker
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Silver prices rebounded on Wednesday after falling below trend line support earlier in the week. The dollar moved lower, which failed to buoy gold prices, but copper gained a foothold as concerns over the spread of the virus disappeared slightly.  U.S. Yields were mixed following the U.S. 20-year auction, where the yield needed to rise to gain buyers.

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Technical analysis

Silver prices dropped rebounded on Wednesday after falling for three consecutive trading sessions. Target support is seen near a horizontal line seen near 23.86. Resistance is seen former support near $25.55.  Additional resistance is seen near the 20-day moving average at 25.95. Short-term momentum has turned positive as the fast stochastic generated a crossover buy signal. The fast stochastic has moved up from printing a reading of 6, to 22 above the oversold trigger level of 20, reflecting positive momentum. Medium-term momentum has turned negative as the MACD (moving average convergence divergence) generated a crossover sell signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses below the MACD signal line (the 9-day moving average of the MACD line). The MACD histogram is printing in negative territory with a sliding trajectory which points to lower prices.

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