Categories: Technical analysis

Silver Wave Analysis 17 May 2024

– Silver broke multi-year resistance level 29.50

– Likely to reach resistance level 32.00


Silver recently broke the key multi-year resistance level 29.50 (which has been reversing the price from the middle of 2020, as can be seen from the weekly Silver chart below).

The breakout of the resistance level 29.50 should accelerate the active impulse waves 5 and (3).

Given the clear daily uptrend, if the price closes this week above 29.50, Silver can then be expected to rise further to the next resistance level 32.00.

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.

Share
Published by
The FxPro Tech Analysis Team
Tags: Silver

Recent Posts

GBPUSD Wave Analysis 22 November 2024

- GBPUSD broke support zone - Likely to fall to support level 1.2465 GBPUSD currency…

20 hours ago

USDCHF Wave Analysis 22 November 2024

- USDCHF broke resistance zone - Likely to rise to resistance level 0.9000 USDCHF currency…

20 hours ago

Downbeat PMIs Cemented EURUSD’s Fall

The decline in EURUSD was driven by weak PMI figures, with France and Germany both…

21 hours ago

Gold hits new highs in euro

Gold has reached record high in euro above 2600, and growing fast in dollar terms…

1 day ago

Crypto market buzzing in anticipation of regulatory change

The crypto market is booming as the anticipation of regulatory changes grows. Bitcoin nears $100K,…

1 day ago

GBPCAD Wave Analysis 21 November 2024

- GBPCAD broke support zone - Likely to fall to support level 1.7500 GBPCAD currency…

2 days ago

This website uses cookies