Categories: Technical analysis

Silver Wave Analysis – 23 June, 2020

• Silver reversed from support zone
• Likely to rise 18.35

Silver recently reversed up from the support area lying at the intersection of the key support level 17.00 (multi-candle low from the end of May), lower daily Bollinger band and the 38.2% Fibonacci retracement of the previous upward impulse from the end of April.

The upward reversal from this support zone created the daily candlesticks reversal pattern Hammer – which started the active impulse wave 5.

Silver is likely to rise further toward the next resistance level 18.35 (which stopped previous impulse wave 3 at the start of June).

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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