Technical analysis on Silver for April 25th, 2023.
April 25, 2023 4:23 pm
Blue lines- bullish channel (broken)
Violet lines- Fibonacci retracement levels
Silver is trading around $24.65. Price has broken out of the upward sloping channel and is showing reversal signs. So far price has only retraced 23.6% of the entire upward movement. Price is challenging once more the 23.6% Fibonacci level. Price is vulnerable to a move lower at least towards the 38% Fibonacci retracement. At $23.66 is our next target where the 38% retracement is found. This is the minimum expected pull back. Resistance is at $25.30 and short-term trend remains bearish as long as we trade below it.
The material has been provided by InstaForex Company – www.instaforex.com
Blue lines- bullish channel (broken)
Violet lines- Fibonacci retracement levels
Silver is trading around $24.65. Price has broken out of the upward sloping channel and is showing reversal signs. So far price has only retraced 23.6% of the entire upward movement. Price is challenging once more the 23.6% Fibonacci level. Price is vulnerable to a move lower at least towards the 38% Fibonacci retracement. At $23.66 is our next target where the 38% retracement is found. This is the minimum expected pull back. Resistance is at $25.30 and short-term trend remains bearish as long as we trade below it.
The material has been provided by InstaForex Company – www.instaforex.com
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