Silver Technical Analysis 2 November, 2021

• Silver falling inside medium-term wave (B)
• Likely to reach support level 23.00

Silver continues to fall inside the medium-term wave (B), which started earlier – when silver reversed down from the resistance zone lying between the pivotal resistance level 24.85, previous monthly high from September, upper daily Bollinger Band and the 50% Fibonacci correction of the downward impulse from June.

Given the clear daily downtrend, Silver can be expected to fall further in the active medium-term wave (B) toward the next support level 23.00 (former resistance from the end of September and the start of October).

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