• Silver reversed from support zone
• Likely to rise to resistance level 23.00
Silver under the bullish pressure after the price reversed up from the support zone located at the intersection of the long-term support level 22.00 (which has been reversing the price from last September) and the lower daily Bollinger Band. The upward reversal from this support zone stopped the previous short-term impulse wave C of the medium-term corrective wave (B) from the middle of May.
Given the improvement in risk sentiment as seen across the commodities markets today, Silver can be expected to rise further toward the next resistance level 23.00 (former double bottom from the middle of August and the target for the completion of the active wave (i)).