Chart of the day - SILVER (19.05.2021)
Silver has been enjoying an uptrend since the beginning of April. However, buyers failed to push the price above resistance at $28.70 yesterday and a downward correction was launched. Taking a look at SILVER at H4 interval, we can see that previous corrections during the ongoing upward impulse were almost equal in size. Having said that, the lower limit of the Overbalance structure at $27.80 is a key support to watch for now.
The area is additionally strengthened by previous price reactions. Should the price push below this hurdle, the next support level to watch can be found at the 38.2% retracement ($27 area).