Silver Analysis: Potential Price Rise Ahead
Currently, silver remains at the median line of the downtrend. The price of silver should rebound from the downtrend line and jump soon. Hence, one could follow the candlestick formations around this downtrend to forecast the potential price movements.
The price of the Euro rebounded from the broken downtrend and approached the resistance level of 1.0765. It might either rebound from resistance or break it and hit the psychological level of 1.1000 next. So, it would be very important to check the candlestick formations around these levels.
British pound broke the downtrend, and therefore the asset’s price is likely to rebound from the broken downtrend, rise, and face resistance at the level of 1.2600. So, let’s observe whether this scenario is going to work out.
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Futures and Options: Trading futures and options on margin carries a high degree of risk and may result in losses exceeding your initial investment. These products are not suitable for all investors. Ensure you fully understand the risks and take appropriate care to manage your risk.