Silver Wave Analysis (04.12)

• Silver reversed from key support area
• Further gains are likely

Silver recently reversed up from the key support area lying at the intersection of the long-term support level 13.90 (which has been reversing the price from the end of 2015) and the lower weekly Bollinger Band.

The upward reversal form this support area stopped the earlier short–term impulse wave 3 – which belongs to the intermediate impulse wave (3) from the end of 2017.

Silver is expected to rise further and re-test the next resistance level 14.80 (which reversed the price multiple times in the last few weeks).