Technical analysis

Silver Wave Analysis 24 November 2023

– Silver rising inside intermediate impulse wave (3)

– Likely to test resistance level 25.00

Silver recently broke the key resistance level 23.50 (which has been reversing the price from

September, as can be seen below).

The breakout of the resistance level 23.50 accelerated the active intermediate impulse wave (3), which then broke the weekly down channel from May.

Given the prevailing risk on sentiment seen across the precious markets today, Silver can be expected to rise further to the next resistance level 25.00 (top of the weekly Evening Star from August).

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