is seeing major resistance below 17.21 (61.8% Fibonacci retracement
, horizontal swing high resistance) while an ascending support line continues to hold price up and squeeze it against this major resistance. A major move can occur in both directions in such scenarios. If price manages to break and close below our ascending support line, this could trigger a strong drop towards our major support at 16.21 ( Fibonacci retracement
, horizontal breakout level).
It is worth noting that Gold
which is positively correlated with Silver
is also similarly below major resistance.
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Losses can exceed the initial investment so please ensure you fully understand the risks.