Silver Wave Analysis – 2 July, 2020

• Silver reversed from resistance level 18.37

• Likely to fall 17.500

Silver recently reversed down from the resistance level 18.37 (top of the previous sharp impulse wave 1 from the middle of April) – standing near the upper daily Bollinger band.

The downward reversal from the resistance level 18.37 created the daily candlesticks reversal pattern Dark Cloud Cover. With the bearish divergence seen on the daily Stochastic indicator – Silver is likely to fall further toward the next support level 17.500 (low of the previous Piercing Line from the end of June).