Silver Technical Analysis Report 20 January, 2021

• Silver under bullish pressure
• Likely to rise to resistance level 27.30

Silver under bullish pressure after the price recently up from the support area lying between the key support level 24.40 (low of the previous minor correction (a) from the start of January), lower daily Bollinger Band and the 61.8% Fibonacci retracement of the upward impulse from the end of November. The upward reversal from this support area stopped the previous minor ABC correction 2 – opening the way for further gains in the active impulse wave 3.

Given the fact that the price is currently rising inside the two upward impulse waves 3 and (3) – Silver can be expected to rise further toward the next key resistance level 27.30 (which has been reversing the price from the start of September).

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