• Silver reversed from resistance area
• Likely to fall to support level 25.50
Silver recently reversed down from the resistance area lying between the pivotal resistance level 26.30 (former support from February, which has been reversing the price from the middle of March), upper daily Bollinger Band and the 38.2% Fibonacci correction of the ABC correction 2 from the start of February. The downward reversal from this resistance area stopped the previous impulse waves (iii) and 3.
Given the strength of the aforementioned resistance area – Silver can be expected to fall further toward the next support level 25.50 (former resistance level, which stopped the previous minor impulse wave (i) at the start of April).