Tickmill
Short

Silver testing major resistance, prepare for a potential reversa

FX:XAGUSD   Silver / U.S. Dollar
Silver             continues to test major resistance at 17.03 ( Fibonacci retracement , breakout area) and a potential reversal could occur at this level. We can see that price has made a bearish exit of our long term ascending support-turned-resistance line and coupled with a bearish divergence, this could be the setup for a strong drop.

RSI (34) has made a bearish exit of our long term ascending support-turned-resistance line signaling that a reversal is impending. Coupled with the bearish divergence we’re seeing vs price, this could be the precursor of a major bearish move.

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