Silver Technical Analysis Report 27 July, 2021

• Silver broke support area
• Likely to fall to support level 24,00

Silver recently broke through the support area located between the key support level 24,85 (which also reversed the price at the start of April) and 50% Fibonacci correction of the upward price move from last September. The breakout of this support area accelerated the active minor impulse wave (iii) of the ABC corrective wave 2 from the middle of May.

Given the deteriorating risk sentiment as seen across the precious markets today – Silver can be expected to fall further toward the next support level 24,00 (former multi-month low from January and March and the target price for the completion of the active ABC corrective wave 2).

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