Silver Wave Analysis 24 January 2024

– Silver reversed from support level 22.00

– Likely to rise to resistance level 23.500

Silver recently reversed up from the key support level 22.00 (which reversed the daily Morning Star in November as can be seen below).

The support level 22.00 was strengthened by the lower daily Bollinger Band and by the support trendline of the daily down channel from December.

Silver can be expected to rise further to the next resistance level 23.500 (top of the previous correction is and ii).