Categories: Technical analysis

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).

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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The FxPro Tech Analysis Team
Tags: XAGUSD

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