Silver Bulls Seize the Initiative: Price Spike Ahead?
The price of silver rebounded from the lower boundary of the downtrend, which is located next to the level of 20.80, and formed the bullish engulfing at the end of the trading week. The asset’s price is likely to rise, enter the broken uptrend, rebound, and drop. So, let’s observe what might happen.
The currency pair EUR/USD has gained the required support at the level of 1.0500 and jumped. The price of this asset is likely to face very strong resistance at the level of 1.0765. Should the price of the currency pair manage to break this level, it might potentially target the level of 1.1000 next. The asset might hit the level of 1.0765 soon.
Oil broke the uptrend; it is currently going down and should gain support at the level of 77.50 soon. It’s noteworthy that so far, this descending move resembles the correction just before the next jump. Only time will tell whether the rise is likely to happen.
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