Silver taking on the bears back above the 38.2% Fibo

Silver gained 2.5% into the close on Wall Street.
There are prospects for a rerun of the 18.00 handle and trend line resistance.

Ross J Burland FXStreet

Silver had scored a new low for the month at 17.39 on Friday. The precious metal was below the 21-daily moving average and a 50% Fibonacci of 2016 highs to recent swing lows. The metal also dropped to below the 38.2% retracement from where it bounced back from trendline support and gained 2.5% into the close on Wall Street which opens prospects for a rerun of the 18.00 handle and trend line resistance which guards a run to the Sep highs of 19.64.

Silver daily chart

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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