Silver Wave Analysis – 23 June, 2020

• Silver reversed from support zone
• Likely to rise 18.35

Silver recently reversed up from the support area lying at the intersection of the key support level 17.00 (multi-candle low from the end of May), lower daily Bollinger band and the 38.2% Fibonacci retracement of the previous upward impulse from the end of April.

The upward reversal from this support zone created the daily candlesticks reversal pattern Hammer – which started the active impulse wave 5.

Silver is likely to rise further toward the next resistance level 18.35 (which stopped previous impulse wave 3 at the start of June).