Silver Wave Analysis – 14 August, 2019

August 14, 2019 at 10:38AM
  • Silver reversed from support area
  • Further gains are likely

Silver recently reversed up sharply from the support area lying between the key support level 16.600 and the 61.8% Fibonacci correction of the previous upward impulse from July.

The upward reversal from this support area started the active short-term impulse wave (iii) – which belongs to the impulse waves 3 and (3) – from the end of May.

Silver expected to rise further and retest the next resistance level 17.50 (top of the previous impulse wave (i)).

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From: The FxPro Tech Analysis Team
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