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Silver Wave Analysis – 16 January, 2019

  • Silver reversed from resistance area
  • Further losses are likely

Silver recently reversed down from the combined resistance area lying between the strong resistance level 15.65 (former multi-month support level from the start of 2017), upper weekly Bollinger Band and the 50% Fibonacci correction of the previous downward impulse 3 from June.

The downward reversal from this resistance area started the active short-term corrective wave B of the ABC correction (4) from last year.

With the weekly Stochastic still in the overbought area – Silver is expected to fall further and re-test the next support level 15.20.

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Source: FxPro


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