August 13, 2020 at 03:36PM
• Silver reversed from key support level 23.30
• Likely to rise to 29.75
Silver recently reversed up with the Long-legged Doji from the key support level 23.30 (low of the previous daily Bullish Engulfing from the end of August) – intersecting with the 50% Fibonacci correction of the upward impulse wave from June.
The upward reversal from the support level 23.30 started the active short-term impulse wave 5.
Silver is likely to rise further toward the next resistance level 29.75 (which reversed the price earlier this month).
From: The FxPro Tech Analysis Team https://fxpro.news/market-snapshots/silver-wave-analysis-13-august-2020-20200813/
Selected by fonecable.com
- Crude Oil Over Crypto
- US Dollar Price Action Setups pre-CPI: EUR/USD, GBP/USD, USD/JPY
- Cathie Wood & Ark: Insiders Aren’t Buying the Hype
- Breaking News: ECB Holds Rates, Setting up July and September for Fireworks
- Currency Carry Trade: What is it and how does it work?