• Silver reversed from resistance level 26.40
• Likely to test support level 24.70
Silver recently reversed down from the key resistance level 26.40 (former strong support from February), which is standing close to the 38.2% Fibonacci correction of the previous downward impulse from the start of February. The downward reversal from this resistance level started the minor impulse wave (iii) – which belongs to wave C of the intermediate ABC correction (2) from the start of February.
Given the deterioration in risk sentiment across the globe after multiple countries halted the vaccination by the AstraZeneca vaccine – Silver can be expected to fall further toward the next support level 24.70 (which has been reversing the price from the start of January).
