Silver Wave Analysis 29 September, 2020

• Silver reversed from support area

• Likely to test 25.00

Silver recently reversed up with the daily Hammer from the support area located between the support level 22.75 (former low of wave (iv) from July), lower daily Bollinger Band and the 61.8% Fibonacci retracement of the upward impulse from June.

The upward reversal from this support area stopped the previous medium-term ABC correction (2) from the start of August.

Silver is likely to rise further toward the next resistance level at 25.00 (target price for the completion of the active impulse wave (i)).