Silver Wave Analysis – 02 August, 2019

Silver falling inside impulse wave (c)
Further losses are likely

Silver recently reversed down 3 times from the powerful resistance level 16.00 – intersecting with the daily Upper Bollinger Band.

The latest downward reversal from the resistance level 16.00 started active short-term impulse wave (c) – which belongs to the ABC correction 2 from last month.

Silver is expected to fall further and retest the next support level 15.55 (former key resistance from July and March).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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