Silver Wave Analysis 12 September 2024

– Silver reversed from support zone

– Likely to rise to the resistance level 30.00

Silver recently reversed up from the support zone set between the key support level 28.00 (which also stopped wave A at the start of September) and the lower daily Bollinger Band.

The support level 28.00 was strengthened by the 61.8% Fibonacci correction of the upward impulse (1) from the start of August.

Silver can be expected to rise further to the next resistance level 30.00 (which stopped the previous impulse wave (1) at the end of August).