Silver Wave Analysis – 8 October, 2019

• Silver rising inside impulse wave (3)
• Likely to rise to 18.50

Silver continues to rise inside the impulse wave (3) which started earlier from the support area lying between the key support level 17.00 (which also reversed the price in August) and the 50% Fibonacci correction of the previous upward impulse (1) from July.

This support area was further strengthened by the lower daily Bollinger Band.

Silver is expected to rise further and retest the resistance level 18.500 (which reversed the price with the daily Evening Star in September).