• Silver broke support area
• Likely to fall to support level 24.00
Silver recently broke the support area located between the pivotal support level 25.00 (which has been steadily reversing the price from the end of January) and the 61.8% Fibonacci correction of the upward impulse from the end of November. The breakout of this support area should accelerate the active short-term impulse wave 1 – which belongs to the intermediate impulse wave (C) from the middle of March.
Given the deterioration of the risk sentiment seen across the commodities markets today – Silver can be expected to fall further toward the next support level 24.00 (former multi-month low from the middle of January, which stopped the previous minor correction 4).