- 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).