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Silver price achieves extended target – Analysis - 13-03-2020
Silver price declined strongly yesterday to surpass our waited target 16.33 and reaches the extended target at 15.55, noticing that the price attempts to break it, to hint heading to achieve more decline in the upcoming period.
On the other hand, we notice that the price completed forming medium term double top pattern that appears on the chart, which means that the price will face more negative pressure in the upcoming period, waiting to break 15.55 to confirm opening the way to visit the previous recorded low at 14.28.
Therefore, the bearish trend will be suggested on the short term and medium term basis unless the price managed to rally bullishly to breach 16.33 followed by 16.52 levels and holding above them.
The expected trading range for today is between 15.40 support and 16.00 resistance.
The expected trend for today: Bearish
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Gold price suffers sharp losses – Analysis - 13-03-2020
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