- Silver reversed from resistance area
- Further losses are likely
Silver recently reversed down from the resistance area lying between the resistance level 19.50 and the upper daily Bollinger Band.
The downward reversal from this resistance area created the daily Japanese candlesticks reversal pattern Evening Star – which marked the start of the active short-term ABC correction (ii).
Silver is expected to fall further and retest the next support level 17.50 (former resistance from August and the target price for the completion of the active ABC correction (ii)).