Silver Wave Analysis – 21 July, 2020

• Silver approached long-term resistance level 21.1

• Likely to correct to 19.65

Silver has been rising sharply after the earlier breakout of the key multi-month resistance level 19.65 (which stopped the previous weekly correction (4) in 2019).

The price is currently trading close to the powerful long-term resistance level 21.1 (former multi-year resistance from 2016). Subsequent price action will depend on if the price will be able to break above this resistance level.

With the weekly Stochastic far in the overbought territory – Silver is likely to correct down toward the next support level 19.65). Alternatively – the price can test 22.00.