Silver approaching major resistance!

FX:XAGUSD   Silver / U.S. Dollar
Silver is seeing major resistance at 16.313 (38.2% Fibonacci retracement , 61.8% Fibonacci extension , horizontal pullback resistance) and a strong reaction could occur at this level. The next major level of resistance is at 16.639 (Long term 38.2% retracement , horizontal pullback resistance) and the next major level of support is at 15.62 ( Fibonacci extension , horizontal swing low support).

Stochastic (34,3,1) is also seeing major resistance below our 99% level and stochastic could rise to that level before having a corresponding reaction.

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This analysis is provided as general market commentary and does not constitute investment advice.
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