FX.co ★ lstanton | XAG/USD, SILVER

Hello traders, SILVER The metal has overcome the resistance in the area between the level of 86.9, which previously held back the correction "a" since the beginning of February, and the Fibonacci retracement level of 38.2% of the descending ABC correction "2" observed in January. Breaking through the barrier at 86.9 is likely to act as a catalyst for the development of the impulsive wave "3" that started in early February. Considering the stable daily uptrend, further increase in the price of silver towards the next resistance level at 92.50 seems probable, corresponding to the peak of wave "b" from the beginning of the current month.