Silver Wave Analysis – 17 January, 2023

• Silver reversed from resistance level 24.15

• Likely to fall to support level 23.00

Silver recently reversed down from the key resistance level 24.15 (which has been reversing the pair from the start of December), intersecting with the upper daily Bollinger Band.

The downward reversal from the resistance level 24.15 stopped the previous intermediate ABC correction (2) from the start of January.

Silver can be expected to fall further toward the next support level 23.00 (low of the previous impulse wave (1)).