Silver Technical Analysis 6 January, 2021

• Silver broke daily up channel
• Likely to fall to support level 21.50

Silver continues to fall inside the accelerated downward impulse wave (3) – which recently broke the support trendline of the narrow daily up channel (which enclosed the previous intermediate ABC correction (2) from the middle of December). The breakout of this up channel strengthened the bearish pressure on this precious metal.

Given the clear daily downtrend and the worsening risk sentiment that can be seen across the commodities markets today – Silver can be expected to fall further toward the next powerful support level 21.50 (which has been reversing the price from the end of September).

Was this post helpful?