Categories: Technical analysis

Silver Wave Analysis – 27 August, 2019

  • Silver broke resistance area
  • Further gains are likely

Silver recently broke the resistance area located between the long-term resistance level 17.70 (yearly high from 2018) and the resistance trendline of the weekly up channel from July.

The breakout of this resistance area accelerated the active medium-term impulse wave (3).

Silver is expected to rise further and retest the next resistance level 18.20 (top of the previous wave (B) from 2017).

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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