Already at the end of February, we pointed to an imminent downward wave in the silver price. As it happened, the price corrected to the upward since December. With the turning point of 2 March, a small counter-reaction is now being allowed. However, in the context of the upcoming negative turning point on 5 March, this is likely to be only short-term. From 5 March until the middle of the month, silver prices are expected to fall again. From a chart perspective, there is downward potential to the level around 24.78 USD. There, despite a break of the , a reversal movement could already be established. In principle, a quick impulse reversal with recovery potential to USD 26.30 and beyond to USD 27.70 is possible.
If, on the other hand, silver is able to overcome the resistance at USD 27.70 on the daily closing, direct upward momentum should develop in the direction of the USD 30.00 per ounce mark.
An excerpt of past reversal dates on XAG /USD:
- High 24 February (tolerance 1 day).
- Low 19 January (tolerance 1 day)
- High 07 January (tolerance 1 day)
- Low 15 December (tolerance 2 days)
- High 09 December (tolerance 1 day)
- Low 30 November (tolerance 0 days)
- High 06 November (tolerance 1 day)
- Low 29 October (tolerance 0 days)
(Our turnaround dates have an average tolerance of 3 days. 80% of the time it is 2 days).
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