• Silver reversed from support area
• Likely to rise to resistance level 26.25
Silver recently reversed up from the support area lying between the key support level 25.75 (which has been steadily reversing the price form the middle of April), 61.8% Fibonacci correction of the upward impulse wave (1) from March and the lower daily Bollinger Band. The upward reversal from this support area stopped the previous intermediate corrective (2) from the middle of May.
Given the improvement in risk sentiment as seen across the commodities markets today – Silver pair can be expected to rise further toward the next resistance level 26.25 (the top of the previous trade session). Strong support remains at the support level 25.75.