Categories: Technical analysis

Silver Wave Analysis – 26 August, 2020

• Silver reversed from support level 26.00

• Likely to rise to 28.5

Silver recently reversed up from the support level 26.00 (former key resistance from the end of July – which stopped the previous sharp upward impulse wave 3).

The support zone near the support level 26.00 is strengthened by the 50% Fibonacci correction of the previous downward retracement from the start of August.

Silver is likely to rise further toward the next resistance level 28.5 (top of the previous short-term impulse wave 1).

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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Tags: XAGUSD

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