Silver right on major resistance, watch for a potential reversal

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Prata/Dólar Americano (FX:XAGUSD)

FX:XAGUSD Prata/Dólar Americano

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Silver is now testing major resistance at 16.56 (Fibonacci retracement, Fibonacci extension, horizontal pullback resistance, Elliott wave corrective structure) and a strong reaction could occur at this level to push price all the way down to 16.19 support (Fibonacci extension, horizontal swing low support).

Stochastic (34,5,3) is seeing major resistance at 95% where a corresponding reaction could occur.

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