Silver has been enjoying an uptrend since the beginning of April. However, buyers failed to push the price above resistance at $28.70 yesterday and a downward correction was launched. Taking a look at SILVER at H4 interval, we can see that previous corrections during the ongoing upward impulse were almost equal in size. Having said that, the lower limit of the Overbalance structure at $27.80 is a key support to watch for now. The area is additionally strengthened by previous price reactions. Should the price push below this hurdle, the next support level to watch can be found at the 38.2% retracement ($27 area).
Source: xStation5
WTI Crude Plunges Over 2% to Lowest Level Since May
Coffee Futures Soar 5%, Break 400 Cents per Pound
Technical look: Gold falls from the record high🔔
Risk aversion takes hold as China tensions weigh on sentiment
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
