Silver likely to correct in the near term

17 February 2021

Silver is currently at the resistance of the 23.6% Fibonacci level of the rise experienced from December 2020 to February 2021. Further it ended in a doji candlestick formation near this resistance zone on 16th February indicating restricted upside potential, RSI is declining, supporting the above observation. It would be prudent to say that silver could decline towards $26.75 and $26.00 while it sustains below $28.25.

Prepared by
Technical Analysis Team

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