Silver Wave Analysis 27 November, 2020

• Silver broke key support level 22.80

• Likely to fall to 21.65

Silver recently broke the key support level 22.80 (which stopped the previous minor corrections (ii) and (iv)), intersecting with the support trendline of the daily up channel from September.

The breakout of the support level 22.80 should accelerate the active minor impulse wave (c) of the ABC wave 2 from the start of November.

Silver can be expected to extend the losses toward the next support level 21.65 (monthly low from the end of September and the target for the completion of the active wave 2).