Precious Metals

Silver Technical Analysis 17 November, 2021

• Silver reversed from key support level 24.85
• Likely to rise to resistance level 25.50

Silver recently reversed up from the key support level 24.85 (previous monthly high from September and October, as can be seen from the daily Silver chart below), intersecting with the 50% Fibonacci correction of the downward impulse from June (acting as support after it was broken earlier this month). The upward reversal from the support level 24.85 continues the active short-term impulse wave 3 of the intermediate impulse wave (C) from the start of November.

Given the rising demand for the precious metals seen today (including gold), Silver can be expected to rise further in the active impulse wave (C) toward the next resistance level 25.50 (target for the end of the minor impulse wave 3)

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