Silver Wave Analysis – 06 August, 2020

• Silver under bullish pressure

• Likely to rise to 30.00

Silver has been under strong bullish pressure after the earlier breakout of the key resistance level 25.00 (high of wave (C) from 2013) and the 38.2% Fibonacci correction of the weekly downtrend from 2011.

The breakout of the aforementioned resistance levels accelerated the active weekly impulse wave (5).

Given the weekly Momentum is currently near the multi-year highs – Silver is likely to rise further toward the next round resistance level 30.00.