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Silver starting to break out nicely,watch for strong bullishness
Silver (XAGUSD) has broken out of our long term descending resistance-turned-support line signaling that there’s strong potential bullishness. Our 1st major support is at 16.66 (Fibonacci retracement, horizontal overlap support, breakout level) and a strong rise could occur from here to push price all the way up to 16.92 resistance (Fibonacci retracement, horizontal swing high resistance).
RSI (21) has correspondingly broken out of our long term descending resistance-turned-support line signaling that a potential rise is approaching.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (21) has correspondingly broken out of our long term descending resistance-turned-support line signaling that a potential rise is approaching.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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