• Silver reversed from the resistance zone
• Likely to fall to support level 22.00
Silver recently reversed down sharply from the resistance zone lying at the intersection of the pivotal resistance level 23.00 (former support from the start of November) intersecting with the upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp downward impulse wave from the middle of last month. The downward reversal from this resistance zone created the daily reversal pattern Shooting Star.
Given the clear daily downtrend, Silver can be expected to fall further toward the next strong support level 22.00 (target price for the completion of the active corrective wave B).
