Silver Wave Analysis – 5 June, 2019

Silver broke daily down channel
Further gains are likely

Silver recently broke the resistance trendline of the daily down channel from the middle of February.

The breakout of this down channel accelerated the active impulse wave 1 – which belongs to the medium-term upward impulse sequence (3) from the end of May.

Silver is expected to rise further and retest the next resistance level 15.00 (top of the previous short-term correction (b) from the end of April).

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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