Silver Wave Analysis 28 October 2024

– Silver reversed from support zone

– Likely to rise to resistance level 35.00

Silver recently reversed up from the support zone located between the key support level 33.00 (which stopped wave 1 last month) and the 38.2% Fibonacci correction of the upward impulse from the start of October.

The support level 33.00 was further strengthened by the upper trendline of the daily up channel from August, acting as the support after it was broken.

Given the clear daily uptrend, Silver be expected to rise toward the next resistance level 35.00 (which stopped the previous impulse wave i).