Silver Wave Analysis 3 June 2024

– Silver reversed from support level 29.70

– Likely to rise to resistance level 32.00

Silver recently reversed up from the key support level 29.70 (former monthly high from April), which stopped the previous intermediate impulse wave (3).

The support level 29.70 was strengthened by the 20-day moving average and by the 38.2% Fibonacci correction of the previous upward impulse wave 1 from the start of May.

Given the clear daily uptrend, Silver can be expected to rise further to the next resistance level 32.00 (which formed the previous daily Evening Star in May).