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FX.co ★ Elliott wave analysis of Silver for January 31, 2022

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Forex Analysis:::2022-01-31T05:16:43

Elliott wave analysis of Silver for January 31, 2022

Elliott wave analysis of Silver for January 31, 2022

Silver failed to break above short-term important resistance at 25.40 and could be headed lower to test 21.00 if support at 21.96 gives away. A decline to 21.00 should however, be the last dip before renewed upside pressure towards 25.40 and ultimately higher to 30 and 50 longer term.

So keep an eye on minor support at 21.96 and whether it will be able to act as support or a dip closer to 21 is needed before the downside is complete and renewed strength is seen.

Analyst InstaForex
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