Tickmill
Long

Silver starting to break out nicely,watch for strong bullishness

FX:XAGUSD   Silver / U.S. Dollar
Silver ( XAGUSD ) has broken out of our long term descending resistance-turned-support line signaling that there’s strong potential bullishness. Our 1st major support is at 16.66 ( Fibonacci retracement , horizontal overlap support, breakout level) and a strong rise could occur from here to push price all the way up to 16.92 resistance ( Fibonacci retracement , horizontal swing high resistance).

RSI (21) has correspondingly broken out of our long term descending resistance-turned-support line signaling that a potential rise is approaching.

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