Silver Wave Analysis – 17 October, 2022

• Silver reversed from support level 18.15

• Likely to rise to resistance level 19.50

Silver recently reversed up from the strong support level 18.15 (which has been repeatedly reversing the price from the middle of July) standing near the lower daily Bollinger Band.

The upward reversal from the support level 18.15 started the active short-term correction (ii).

Given the strength of the support level 18.15, Silver can be expected to rise toward the next resistance level 19.50 (middle of the sideways price range inside which the price has been moving from July).