Silver Wave Analysis – 18 August, 2022

• Silver reversed from resistance level 20.50

• Likely to fall to support level 19.00

Silver recently reversed down from the key resistance level 20.50 (former monthly low from May), intersecting with the upper daily Bollinger Band and the 61.8% Fibonacci correction of the downward impulse from June.

The downward reversal from the resistance level 20.50 started the active short-term correction (ii).

Given the powerful daily downtrend, Silver can be expected to fall further toward the next support level 19.00.