Silver is seeing major resistance below 17.21 (61.8% Fibonacci retracement, horizontal swing high resistance) while an ascending support line continues to hold price up and squeeze it against this major resistance. A major move can occur in both directions in such scenarios. If price manages to break and close below our ascending support line, this could trigger a strong drop towards our major support at 16.21 (Fibonacci retracement, horizontal breakout level).
It is worth noting that Gold which is positively correlated with Silver is also similarly below major resistance.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
It is worth noting that Gold which is positively correlated with Silver is also similarly below major resistance.
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