Silver Wave Analysis 17 October 2023

– Silver reversed from support level 20.70

– Likely to rise to resistance level 23.50

Silver recently reversed up with the weekly Hammer from the key support level 20.70 (which has been reversing the pair from the end of 2022 as can be seen below) intersecting with the 61.8% Fibonacci correction of the weekly uptrend from last year.

The upward reversal from the support level 20.70 stopped the previous intermediate ABC correction (2).

Given the strength of the support level 20.70, Silver can be expected to rise further toward the next resistance level 23.50.