Silver Wave Analysis – 13 October, 2022

• Silver reversed from resistance area

• Likely to fall to support level 18.20

Silver recently reversed down from the resistance area located between the key multi-month resistance level 21.00 (which has been reversing the price from June) and the upper daily Bollinger Band.

This resistance area was further strengthened by the 38.2% Fibonacci correction of the earlier downward impulse from April.

Given the strong daily downtrend, Silver can be expected to fall further toward the next support level 18.20 (which has been reversing the pair from July).