Silver Wave Analysis – 29 January, 2019
January 29, 2019 @ 16:50 UTC
- Silver broke resistance area
- Further gains are likely
Silver recently broke the resistance area lying between the resistance level 15.75 (which has been reversing the price from the start of January) and the 50% Fibonacci correction of the long-term downward impulse from last June.
The breakout of this resistance area continues the active medium-term impulse wave (C) – which belongs to the long-term ABC correction ② from the start of last November.
Silver is expected to rise further and re-test the next resistance level 16.00 (forecast price calculated for the completion of the active short-term impulse wave 1).