- Silver reversed from support area
- Further gains are likely
Silver recently reversed up sharply from the support area lying between the key support level 16.600 and the 61.8% Fibonacci correction of the previous upward impulse from July.
The upward reversal from this support area started the active short-term impulse wave (iii) – which belongs to the impulse waves 3 and (3) – from the end of May.
Silver expected to rise further and retest the next resistance level 17.50 (top of the previous impulse wave (i)).