- Silver reversed from pivotal support level 22.50
- Likely to rise to 25.00
Silver recently reversed up from the pivotal support level 22.50 (which has been repeatedly reversing the price from the end of July as can be seen below) – standing near the lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp upward impulse from the middle of March. The upward reversal from the level 22.50 created the daily Japanese candlesticks reversal pattern Hammer – which started the active impulse wave 3.
Given the strength of uptrend that can be seen on the daily Silver charts – Silver is likely to rise further toward the next resistance level 25.00 (which stopped the previous minor corrective wave (b) in the middle of November). Strong support remains at the support level 22.50.