Silver Technical Analysis Report 15 December, 2020

  • Silver reversed from support area
  • Likely to rise to 25,00

Silver recently reversed up from the support zone lying between the multi-day support level 23,65 (which has been reversing the price from the start of December and also in the first half of November) and the 38.2% Fibonacci correction of the previous upward impulse from the end of November. The upward reversal from this support area started the active short-term impulse wave (iii).

Given the resumption of the risk-on sentiment across the global markets today and the clear daily uptrend  – Silver is expected to rise further in the active impulse waves (iii), 3 and (3) toward the next resistance level 25,00 (top of the previous waves (b) and (i)).

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