Technical analysis

Silver Wave Analysis 22 August 2023

– Silver reversed from support level 22.50

– Likely to rise to resistance level 24.50

Silver recently reversed up from the pivotal support level 22.50 (which previously reversed the pair twice in June), coinciding 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 started the active intermediate impulse wave (3).

Silver can be expected to rise further toward the next resistance level 24.50 (which has been reversing the price from June).

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