Silver currently initiated the pullback movement to the $18 area, corresponding to the 50% Fibonacci retracement level from the lows at the end of the month of May to the highs of the beginning of July, and coinciding with two up trend lines. Also around the end of May, the weekly long term GMMA (blue group of EMAs) crossed and started to expand upwards, indicating a high probability of more up moves for Silver. If the $18 area holds and taking in to account the information from the GMMA, chances are that price could reach the $25 area, corresponding to a long term support/resistance area and the 127% Fibonacci extension of the pullback.
Let see what happens.
Happy trading all!
Let see what happens.
Happy trading all!
