Today, during the Asian session, silver prices are rising moderately, consolidating above 17.30 and approaching the March highs, renewed on May 20. Demand for the instrument is supported by continuing uncertainty in the market, which is pushing investors to buy shelter assets.
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Gold quotes fell slightly and reached the support level around 1707.0.
The price of silver contracts continues to rise and reaches the level of 17.40.
The price may fall.
On the 4-hour chart, an upward correction of the higher level developed as the wave (B), within which the fifth wave v of C developed. Now, the formation of the wave (C) has started, within which the first entry wave of the lower level (i) of i of 1 of (C) is developing. If the assumption is correct, the price will fall to the levels of 1667.44–1600.00. In this scenario, critical stop loss level is 1765.45.