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Silver Wave Analysis – 28 February, 2019

  • Silver reversed from resistance area
  • Further losses are likely

Silver recently reversed down from the resistance area lying between the key resistance level 16.200 (monthly high from January), 61.8% Fibonacci correction of the impulse (A) and the upper daily Bollinger Band.

The downward reversal from this resistance area created the daily Japanese candlesticks reversal pattern Evening Star – which ended the earlier correction (B).

Silver is expected to fall further and re-test the next support level 15.20 (monthly low from January).

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Source: FxPro


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