Silver Technical Analysis 11 November, 2021

• Silver broke resistance zone
• Likely to rise to resistance level 26.00

Silver continues to rise after recently breaking the resistance zone lying between the key resistance level 24.866 (which has been reversing the price from the start of July) and the 50% Fibonacci correction of the extended downward impulse from June. The breakout of this resistance zone accelerated the active medium-term impulse wave (B) from the start of August.

Given strengthening safe-haven demand, Silver can be expected to rise further toward the next resistance level 26.00 (top of the pervious corrective wave (ii) from the start of August).

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