Categories: Technical analysis

Silver Wave Analysis – 29 May, 2020

• Silver broke resistance level 17.50
• Likely to rise to 18.90

Silver recently broke above the multi-month resistance level 17.50 (former strong support from January and February) – which has been reversing the price from the start of March.

The breakout of the resistance level 17.50 accelerated the active short-term impulse wave (c).

Silver is likely to rise further toward the next resistance level 18.90 (top of the previous waves A and (B) and the target for the completion of the active wave 2).

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
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