Technical analysis

Silver Wave Analysis – 25 May 2023


• Silver broke support level 23.50

• Likely to fall to support level 22.50

Silver under the bearish pressure after the price broke the support level 23.50 (which stopped wave (a) earlier this month), nearly coinciding with the 61.8% Fibonacci correction of the previous sharp upward impulse from March.

The breakout of the support level 23.50 strengthened the bearish pressure on Silver – accelerating the active waves 2 and (c).

Silver can be expected to fall further toward the next support level 22.50 (target price for the completion of the active sharp downward ABC correction 2).

Article Rating
Rate this post