• Silver reversed from resistance area
• Further gains losses toward 17.70
Silver recently reversed down sharply from the resistance area located between the resistance level 18.50 (former yearly high from 2017 and the upward target set in our previous forecast for this instrument), upper
weekly Bollinger Band and the resistance level 18.20 (former multi-month high from 2017). The downward reversal from this resistance area created the strong Japanese candlesticks reversal pattern Shooting Star standing well outside of the upper weekly Bollinger Band – which is a strong sell signal for Silver. With the weekly RSI indicator still in the overbought area – Silver is likely to remain under bearish pressure and fall further toward the next support level 17.70 (former yearly high from 2018).
