Silver retested the lows of the week and even broke slightly below the spike from June 12, where the market previously found support at 35.46. We highlighted that as a key area for potential stabilization, especially since there were likely a lot of stops, just below it. So it's no surprise that the market turned around from there and is now trying to stabilize. I’m starting to think the a-b-c drop could already be finished in wave 4.
A daily close above 36.37 would confirm a continuation higher.
We can also see some RSI divergence between waves A and C, which further suggests that silver may be coming down into strong support.
A daily close above 36.37 would confirm a continuation higher.
We can also see some RSI divergence between waves A and C, which further suggests that silver may be coming down into strong support.
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