Good afternoon traders! Here is a trading idea for Silver.
Unlike gold, silver is experiencing a much harder global financial crisis, and is trading in the pullback levels of Fibo relative to the most powerful March drop:
To date, a rather interesting level of resistance and support has formed at the 14.5 quote, which is now facing pressure from sellers:
H1 chart:
Silver continues to be under the influence of the short-term initiative in April 30, with a structure relative to the classic "ABC" pattern.
Collapse down to the 14.5 quote is expected, a break of which will form the third wave from April 30.
We suggest taking short positions on a breakout, with target price below 14.50.
Good luck!
