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Silver Wave Analysis – 29 January, 2019

  • Silver broke resistance area
  • Further gains are likely

Silver recently broke the resistance area lying between the resistance level 15.75 (which has been reversing the price from the start of January) and the 50% Fibonacci correction of the long-term downward impulse from last June.

The breakout of this resistance area continues the active medium-term impulse wave (C) – which belongs to the long-term ABC correction ② from the start of last November.

Silver is expected to rise further and re-test the next resistance level 16.00 (forecast price calculated for the completion of the active short-term impulse wave 1).

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Source: FxPro


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