Silver - Still Long Key Fibonacci Resistance Level Broken
On our analysis on the 25.06 we advised that we could see significant upside potential for silver after it breaches the key $15.83 Fibonacci resistance level. Silver has effectively passed this level on the back of a dovish FED and the market expecting a rate cut by the FOMC on the 31.07. We are therefore still long Silver and will look prices to reach the next Fibonacci resistance level at $16.35 before taking profit.