• Silver reversed from resistance area
• Likely to fall to support level 27.00
Silver recently reversed down from the resistance area lying between the key resistance level 29.00 (former monthly high from February) and the upper daily Bollinger Band. The downward reversal from this resistance area created the strong daily Japanese candlesticks reversal pattern Shooting Star Doj, which marked the end of the previous short-term impulse wave C – which belongs to the multi-month correction (B) from the end of March.
Given the strength of the aforementioned resistance area – Silver can be expected to fall further toward the next support level 27.00 (low of the previous minor correction from the middle of May).