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Silver Rises Indeed
In last week, WikiFX predicted that silver may gain more upside momentum and suggested bargain hunting. Yesterdays weekly chart shows that silver price has increased nearly 70% since its decline and rebound on March 16.To get more news about Binary option, you can visit wikifx news official website.
According to the weekly chart, the candlestick showed six white soldiers before, with silver price hitting the $19.75 earlier, a new high since the week of October 3, 2016. At the week ended March 16, silver price fell to the lowest dip of $11.64. It rebounded almost 70% after establishing firmer footing, reflecting the bullish long position.
WikiFX holds that if silver price finds some stability over $19.65, in the future trading it may further grow to $20.94, the 1.27XA extension, among which X means the weekly high of $18.95 ended February 24, 2020, while A represents the weekly low of $11.64 ended March 16.
The bull position of silver keeps strengthening and records a 4-year high. However, since multiple cycles indicate demands for adjustment, bargain hunting is suggested in the future trading. On the contrary, once silver price falls below $18.45, market may face the risk of a phased peak. All the above is provided by WikiFX, a platform world-renowned for foreign exchange information. For details, please download the WikiFX App: bit.ly/WIKIFX