Silver: ⬇️ Sell
– Silver reversed from resistance zone
– Likely to fall to support level 40.00
Silver recently reversed down from the resistance zone between the resistance level 48.30 (former support which stopped wave (1) in the middle of July) and the support trendline of the daily down channel from the end of August (acting as the resistance after it was broken).
The downward reversal from this resistance zone started the active impulse wave 5 of the intermediate impulse wave (3) from the end of August.
Given the clear daily downtrend, Silver can be expected to fall further toward the support level 43.50 (which stopped wave 3 at the start of November) and then to the round support level 40.00 (target price for the completion of the active impulse wave (3)). Precious metals remain under pressure as persistent US inflation keeps the odds of a Fed rate hike in December near 90%.
If 43.50 holds, Silver can correct up toward 48.30. The bearish view changes only if 48.30 breaks.
Silver stays bearish below 48.30. As the metal pays no interest, higher US rates reduce its appeal – a Fed hike on 9 December would support the fall toward 40.00, while softer US inflation data could trigger a pullback toward 48.30.
 in the middle of July) and the support trendline of the daily down channel from the end of August (acting as the resistance after it was broken).){kind=link}