- Silver reversed from support zone
- Further gains are likely
Silver recently reversed up from the support zone lying between the support level 17.50 (former pivotal resistance from August), the support trendline from July and the 38.2% Fibonacci correction of the previous upward impulse from May.
The upward reversal from this support zone stopped the earlier short-term impulse wave (c) of the ABC correction 4 from the start of September.
Silver is likely to extend the gains and retest the next resistance level 18.40 (top of the previous corrective wave (b)).