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Silver right on major resistance, watch for a potential reversal

Kort
Silver/USA-dollar (FX:XAGUSD)  
Tickmill Mäklare  
FX:XAGUSD   Silver/USA-dollar
Trend Analysis Harmonic Patterns Chart Patterns Silver silverlong silvershort XAG USD ( Silver / US Dollar) xagusdshort xagusdlong xagusdidea xagusdtrade silveridea
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trendanalysis harmonicpatterns chartpattern silver silverlong silvershort xagusd xagusdshort xagusdlong xagusdidea xagusdtrade silveridea

Silver is now testing major resistance at 16.56 (Fibonacci retracement, Fibonacci extension, horizontal pullback resistance, Elliott wave corrective structure) and a strong reaction could occur at this level to push price all the way down to 16.19 support (Fibonacci extension, horizontal swing low support).

Stochastic (34,5,3) is seeing major resistance at 95% where a corresponding reaction could occur.

Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.

This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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