Silver Wave Analysis 18 September 2023

– Silver reversed from support level 22.50

– Likely to rise to resistance level 23.50

Silver recently reversed up from the strong multi-month support level 22.50 (which has been reversing the price from June) intersecting with the lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from March.

The upward reversal from the support level 22.50 stopped the previous short-term ABC corrective wave 2.

Given the strength of the support level 22.50, Silver can be expected to rise further toward the next resistance level 23.50.