Silver Technical Analysis Report 02 November, 2020

  • Silver reversed from support zone
  • Likely to test 25.00

Silver continues to rise inside the active short-term upward impulse sequence 3 which started earlier – when the pair reversed up with the daily Japanese candlesticks reversal pattern Doji Hammer from the support area made out of the key powerful support level 23.00 (which has been steadily reversing the price from the end of July – formed long-legged Doji in July), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from March.

Given the strength of the multi-month uptrend which is still affecting the price of Silver – Silver is expected to continue the upward movement toward the next resistance level 25.00 (which stopped the previous two upward waves 1 and (b), as can be seen below).

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