Silver Wave Analysis – 31 March, 2022

• Silver reversed from support level 24.50
• Likely to rise to resistance level 25.85

Silver recently reversed up with the daily Hammer from the strong support level 24.50 (the previous monthly high from January).

The support area near the support level 24.50 was strengthened by the lower daily Bollinger Band and the 50% Fibonacci retracement of the upward impulse from February.

Given the growing safe-haven demand – Silver can be expected to rise further toward the next resistance level 25.85 (top of the previous correction 2).