- Silver reversed from the support zone
- Likely to rise to the resistance level 39.45
Silver recently reversed from the support zone between the support level 36.20 (which also stopped wave ii at the start of July), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from May.
The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern, Piercing Line – which marked the end of the earlier correction 2.
Given the clear daily uptrend, Silver can be expected to rise to the next resistance level at 39.45 (top of earlier impulse wave 1 from July).
- Likely to rise to the resistance level 39.45
Silver recently reversed from the support zone between the support level 36.20 (which also stopped wave ii at the start of July), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from May.
The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern, Piercing Line – which marked the end of the earlier correction 2.
Given the clear daily uptrend, Silver can be expected to rise to the next resistance level at 39.45 (top of earlier impulse wave 1 from July).
Alexander Kuptsikevich,
Chief Market Analyst at FxPro
----------
Follow our Telegram channel t.me/fxpro dedicated to providing insightful market analysis and expertise.
Reach out to media.comments@fxpro.com for PR and media inquiries
Chief Market Analyst at FxPro
----------
Follow our Telegram channel t.me/fxpro dedicated to providing insightful market analysis and expertise.
Reach out to media.comments@fxpro.com for PR and media inquiries
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Alexander Kuptsikevich,
Chief Market Analyst at FxPro
----------
Follow our Telegram channel t.me/fxpro dedicated to providing insightful market analysis and expertise.
Reach out to media.comments@fxpro.com for PR and media inquiries
Chief Market Analyst at FxPro
----------
Follow our Telegram channel t.me/fxpro dedicated to providing insightful market analysis and expertise.
Reach out to media.comments@fxpro.com for PR and media inquiries
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.