KQMarkets

Silver - Still Long Key Fibonacci Resistance Level Broken

Long
FX_IDC:XAGUSD   Silver / U.S. Dollar
On our analysis on the 25.06 we advised that we could see significant upside potential for silver after it breaches the key $15.83 Fibonacci resistance level. Silver has effectively passed this level on the back of a dovish FED and the market expecting a rate cut by the FOMC on the 31.07. We are therefore still long Silver and will look prices to reach the next Fibonacci resistance level at $16.35 before taking profit.

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