Silver Wave Analysis – 13 August, 2020

• Silver reversed from key support level 23.30

• Likely to rise to 29.75

Silver recently reversed up with the Long-legged Doji from the key support level 23.30 (low of the previous daily Bullish Engulfing from the end of August) – intersecting with the 50% Fibonacci correction of the upward impulse wave from June.

The upward reversal from the support level 23.30 started the active short-term impulse wave 5.

Silver is likely to rise further toward the next resistance level 29.75 (which reversed the price earlier this month).