• Stellar broke resistance zone
• Likely to rise to resistance level 25.50
Silver recently reversed broke through the combined resistance zone lying at the intersection of the resistance level 24.00, resistance trendline of the wide weekly down channel from the middle of May and the 61.8% Fibonacci correction of the earlier sharp downward impulse from the middle of November. This breakout accelerated the active waves C and (2).
Given the strength of the active waves C and (2) and the strengthening bullish sentiment that can be seen across the precious metal markets today – Silver can be expected to rise further toward the next resistance level 25.50 (target for the end of active waves C and (2)).