The price line on Silver price chart, experienced a descending wave, starting on 22nd of November 2022. The price line had been able to break above its bullish channel earlier on the 4th of October. Very recently the price was smoothly pumped after reaching out to level 0.5 of the Fibonacci retracement, on the previous major ascending wave. EMA of the previous 200 Candles stays with a considerable distance from the current position of the price line, increasing the chance of the bearish wave to continue its trend. Traders can expect the price line to grow until touching the resistance level, highlighted with red; there they can enter short positions and expect the price line to dump to the support zones below.
• There is a resistance level at 21.60000 followed by resistance at 21.83550 and 22.27000.
• There is a support level at 20.50500. Below, there is 19.94200 and 19.00000.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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