Market Snapshots

Silver Wave Analysis 20 January, 2021

Silver Wave Analysis 20 January, 2021

• Silver reversed from support level 24.0

• Likely to rise to resistance level 27.45

Silver recently reversed up from the support level 24.0 intersecting with the lower daily Bollinger band and the 61.8% Fibonacci correction level of the previous upward impulse 1 from the end of November.

The upward reversal from the support level 24.40 created the daily Japanese candlesticks reversal pattern Hammer.

Silver is expected to rise further toward the next pivotal resistance level 27.45 (which has been reversing the price from September).

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