Silver right on major resistance, watch for a potential reversal

FX:XAGUSD   Silver / U.S. Dollar

Silver is now testing major resistance at 16.56 ( Fibonacci retracement , Fibonacci extension , horizontal pullback resistance, Elliott wave corrective structure) and a strong reaction could occur at this level to push price all the way down to 16.19 support ( Fibonacci extension , horizontal swing low support).

Stochastic (34,5,3) is seeing major resistance at 95% where a corresponding reaction could occur.

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


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