Silver Technical Analysis Report 04 February, 2021

• Silver reversed from resistance level 30.00
• Likely to fall to support level 0.8700

Silver previously reversed down sharply from round multi-month resistance level 30.00 (which previously stopped the sharp uptrend in September as can be seen below) – standing far above the upper daily Bollinger Band. The downward reversal from the resistance level 30.00 started the active short-term downward ABC correction (ii) – which belongs to the upward impulse wave 3 from the end of November.

Given the strongly bullish Sterling sentiment seen across the FX markets today – EURGBP currency pair can be expected to fall further toward the next support level 0.8700 (former support from November and the forecast price for the completion of the active ABC correction (2).

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