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FX.co ★ Elliott wave analysis of Silver for May 7, 2021

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Forex Analysis:::2021-05-07T04:10:35

Elliott wave analysis of Silver for May 7, 2021

Elliott wave analysis of Silver for May 7, 2021

Silver is on the move again, after a short consolidation period silver is set to move higher towards the next minor resistance at 28.32 and then the key-resistance at 30.09 and a break above here will open up the upside for a rally back to the all-time high at 49.83.

Ideally minor support at 26.09 should act as a floor, but a break below here will call for a dip to 24.78 before renewed upside pressure.

Trading recommendation:

Buy silver and place you stop at 26.05

Analyst InstaForex
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