Silver Wave Analysis – 12 May 2023

• Silver under bearish pressure

• Likely to fall to support level 23.50

Silver under the bearish pressure after the price broke the pivotal support level 24.5 (former strong resistance from January and February) intersecting with the 38.2 Fibonacci correction of the earlier upward impulse from March.

The breakout of the support level 24.5 accelerated the active impulse wave (c) which belongs to the ABC correction 4 from the start of April.

Given the widespread bearish sentiment seen across the precious markets, Silver can be expected to fall toward the next support level 23.50.