Silver Wave Analysis 1 December, 2020

• Silver reversed from support area

• Likely to test next resistance level 25.00

Silver recently reversed up sharply from the support area lying between the support levels 21.80 and 22.60 (which have been reversing the price from July). This support area was further strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the upward impulse from March.

The upward reversal from this support area created the daily Hammer which started the active short-term impulse wave 3.

Silver is expected to rise further toward the next resistance level 25.00 (top of the previous minor retracement (b)).