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Where the Silver will target now?
Silver is bouncing of the strong long-term upside resistance of 21.70Â and is staying with this bullish pennant with a possible upside extension to its 27.50 resistance. A clear confirmed break above the 25 would definitely call for more upside and a test of 27.50, but before that, we could have another swing down.
The weekly chart shows that the instrument is still testing the median line of this pennant which is near 25. A rejection here is leaving the open possible new swing down for another retest of the downside trendline 23.360 before an upside extension and a break above 25 so patience with the long trade entries is required at this time.
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On a daily chart, we can see that the Already a member? This article is so good, it's for premium members only.
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We have used the combination of the top-down trading analysis to get these key levels explained in the charts. Also, you have the chance to see Elliott Wave and price action analysis together in action along with the Andrews Pitchfork channel tool. If you want to learn the trading strategy that will give you immediate results in your trading register for Live Training Mentoring.
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