Short

Silver testing major resistance, possible upcoming reversal!

Silver has started to react strongly off a major resistance level at 17.21 (61.8% Fibonacci retracement, horizontal swing high resistance) and a strong reaction could possibly occur at this level to drive price down to at least 16.21 support (Fibonacci retracement horizontal breakout level). Our next major level of resistance is at 17.64 (78.6% Fibonacci retracement, breakout resistance level).

Stochastic (34,5,3) is seeing major resistance at 96% and a corresponding reaction could occur at this level.

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Tickmill

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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