Technical analysis

Silver Wave Analysis – 24 February 2023


• Silver broke support level 21.50

• Likely to fall to support level 20.50

Silver recently broke the key support level 21.50 (which stopped the previous minor impulse wave 1 earlier this month) intersecting with the 50% Fibonacci correction of the previous upward impulse from October .

The breakout of the support level 21.50 accelerated the active impulse waves 3 and (C).

Silver can be expected to fall further toward the next support level 20.50 (previous monthly low from November).

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