Silver Wave Analysis 28 October, 2020

• Silver reversed from resistance area

• Likely to fall to 21.60

Silver recently reversed down from the resistance area lying between the key support level 25.10 (top of the previous Evening Star from the start of October), upper daily Bollinger Band and the 50% Fibonacci correction of the downward impulse from September.

The price earlier broke the daily up channel from September – which accelerated the active impulse wave (3).

Silver is likely to fall further toward the next support level 21.60 (monthly bottom from September and the target price for the completion of the active impulse wave (3)).