Silver Wave Analysis – 17 March, 2022

• Silver reversed from support level 24.50
• Likely to rise to resistance level 20.50

Silver recently reversed up twice from the key support level 24.50 (previous monthly high from January), strengthened by the 50% Fibonacci correction of the upward impulse from February .

The upward reversals from this support level 24.50 created the two daily Hammers.

Silver can be expected to rise further toward the next resistance level 20.50 (which has been reversing the price from July).