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FX.co ★ Elliott wave analysis of Silver for April 14, 2021

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Forex Analysis:::2021-04-14T05:35:55

Elliott wave analysis of Silver for April 14, 2021

Elliott wave analysis of Silver for April 14, 2021

Silver has broken out of the ending diagonal, but has not yet broken clearly above short-term key resistance in the 25.36 - 25.64 area. A break above here will confirm that wave 4/ completed at 23.78 and wave 5/ now is in motion for a strong rally higher towards the 2011 peak at 49.83 and ultimately we should see silver break above here too, but it will likely not be without a tough fight near long-term key resistance at 49.83.

For now, we should stay focused at short-term key-resistance at 25.64 and a break above here will call for a rally to resistance in the 29.80 - 30.10 area and above here, will really release a strong upside momentum towards 49.83.

Trading recommendation:

Buy a break above 25.64 for a surge to 30.10 and above here will call for a strong rally towards 49.83.

Analyst InstaForex
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