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FxWirePro: Sharp breakout awaits silver

Silver is likely to follow gold higher.

  • The price of silver continues its gradual rise even as sellers continue to bombard the white metal around the key resistance zone of $15.8-$15.9 per troy ounce.  
  • Our calculations strongly suggest that further upside awaits silver and the next move could be sharp as bulls take out sellers in the resistance zone.
  • The latest short-term buy trend has begun in Mid-February as price found support around $15.5 per troy ounce.

It is important to note that the price of silver is rising along with both gold and the USD, which is very positive for the short-term bullish outlook.

We expect silver to tests resistance around $16.2 per troy ounce area and possibly break higher.

 

 

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