Market Snapshots

Silver Wave Analysis – 26 August, 2020

Silver Wave Analysis – 26 August, 2020

• Silver reversed from support level 26.00

• Likely to rise to 28.5

Silver recently reversed up from the support level 26.00 (former key resistance from the end of July – which stopped the previous sharp upward impulse wave 3).

The support zone near the support level 26.00 is strengthened by the 50% Fibonacci correction of the previous downward retracement from the start of August.

Silver is likely to rise further toward the next resistance level 28.5 (top of the previous short-term impulse wave 1).

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