Commodites

Silver May Face More Weakness After A Corrective RallyNov 27, 2024

Silver is making sharp reversal down from recent highs, even breaking a lower trendline support of an ending diagonal which is an important indication for a top in place. As such, we are aware of much lower prices, maybe even back to the start of a diagonal at around 27/28 as drop from 4h time frame has an impulsive bearish structure. But we see some bounce now from around $30 swing support, that can cause some relief rally, maybe even sideways move into wave 2/B. Resistance is then around 32-33 area.

Silver May Face More Weakness After A Corrective Rally XAGUSD(Silver) 4H Chart
XAGUSD(Silver) 4H Chart

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