Silver Technical Analysis Report 6 January, 2021

  • Silver broke resistance level 27.30
  • Likely to rise to 29.00

Silver recently broke above the pivotal resistance level 27.30 (which has been repeatedly reversing this integument from the start of September – the last time this level created the Long-legged Doji in the middle of December). The breakout of the resistance level 27.30 accelerated the active minor impulse wave 3 – which is a part of the medium-term upward impulse wave (3) from the end of September.

Given the predominant uptrend and the rise in the risk appetite across the global commodities markets – Silver is expected to rise further toward the next resistance level 29.00 (former top of the daily Evening Star candlesticks reversal pattern from August and the forecast price for the completion of the active impulse wave 3).


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