• Silver reversed from resistance zone
• Likely to fall to support level 23.75
Silver recently reversed down from the combined resistance zone lying between key resistance level 25.00 (former support from April and July), upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous downward impulse (C) from the middle of May. The downward reversal from this resistance zone started the active medium-term correction (2).
Given the worsening risk sentiment seen across the precious metals markets today – Silver can be expected to fall further toward the next support level 23.75 (former key resistance from August and powerful support from March and the target for the completion of the active corrective wave (2)).