Technical alert: Silver

11:33 AM May 21, 2020

The upward move on silver stopped at a key resistance at $17.5, where many price reactions occurred earlier. The downward correction may be on the cards now given that a recent upward move was very quick. Should the ongoing downward move deepen, buyers should focus on the support at $16.3, marked with the lower limit of the Overbalance structure and the 23.6% Fibonacci retracement of an upward impulse started on the 18th of April.

Silver H4 interval. Source: xStation5

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