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FxPro Forex Analysis: Silver Wave Analysis – 5 July , 2018

Silver reversed from pivotal resistance level 16.10
• Likely to fall further

Silver recently reversed down from the pivotal resistance level 16.10 (former powerful support level, which has been steadily reversing the price from the start of February, as can be seen from the daily Silver chart below).

The downward reversal from this resistance level started the active minor impulse wave (v) – which belongs to the impulse 3 of the medium-term downward impulse wave (C) from January.

Silver is likely to fall further and re-test the next support level 15.800 (former strong support from December of 2017).

XAGUSD - Primary Analysis - Jul-05 1427 PM (1 day)