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Daily Commodities Update: Silver Continues To Rise

Published 08/02/2016, 05:56 AM
Updated 03/09/2019, 08:30 AM
XAG/USD
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SI
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Silver continues to rise following the earlier breakout of the high quality falling wedge chart pattern which was previously identified by Autochartist on the 15-minute charts.

Autochartist rates the overall quality of this chart pattern at the 8-bar level – which is the result of the sharp initial trend (10 bars), significant uniformity and clarity (rated at the 8 and 7 bar levels respectively). Silver is expected to rise to the forecast price 20.6093.

Silver Chart

As can be seen from the daily silver chart below – the breakout of this falling wedge continues sharp daily upward price impulse 3 – which started at the end of July – when silver reversed up from the support zone lying between the support level 19.30 and the 38.2% Fibonacci retracement of the previous strong upward impulse 1 from May.

XAG/USD Daily Chart

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