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FxPro Forex Analysis: Silver Wave Analysis – 23 July , 2018

Silver reversed from resistance zone
• Likely to fall further

Silver today reversed down from the resistance zone lying between the long-term resistance level 15.60 (former multi-month support level from last December) and the 38.2% Fibonacci correction of the previous downward impulse (i).

The downward reversal from this resistance zone continues the active short-term impulse wave 5 – which previously broke the wide daily down channel from January.

Silver is likely to fall further and re-test the next support level 15.200 (low of the previous minor impulse wave (i)).

XAGUSD - Primary Analysis - Jul-23 1721 PM (1 day)