• Silver reversed from combined support area
• Likely to reach resistance level 25.00
Silver recently reversed up from the combined support area lying between the key support level 24.00 (which has been steadily reversing the price from the start of December), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp upward impulse from May of 2020. The upward reversal from this support area stopped the earlier downward impulse waves (iii) and (c).
Given the strength of the this support area – Silver is likely to rise further toward the next resistance level 25.00 (former pivotal support from the start of March – which stopped the previous correction (ii) earlier this month).