Silver Wave Analysis 17 May 2024

– Silver broke multi-year resistance level 29.50

– Likely to reach resistance level 32.00

Silver recently broke the key multi-year resistance level 29.50 (which has been reversing the price from the middle of 2020, as can be seen from the weekly Silver chart below).

The breakout of the resistance level 29.50 should accelerate the active impulse waves 5 and (3).

Given the clear daily uptrend, if the price closes this week above 29.50, Silver can then be expected to rise further to the next resistance level 32.00.