Silver Wave Analysis

  • Silver broke support level 23.50
  • Likely to fall to support level 22.50

Silver under the bearish pressure after the price broke the support level 23.50 (which stopped wave (a) earlier this month), nearly coinciding with the 61.8% Fibonacci correction of the previous sharp upward impulse from March.

The breakout of the support level 23.50 strengthened the bearish pressure on Silver – accelerating the active waves 2 and (c).

Silver can be expected to fall further toward the next support level 22.50 (target price for the completion of the active sharp downward ABC correction 2).

FxPro is an award-winning online broker offering Contracts for Difference (CFDs) on forex, futures, spot indices, shares, spot metals and spot energies. FxPro serves clients in over 150 countries worldwide and offers multilingual customer support 24/5. Trading CFDs involves significant risk of loss.

Featured Analysis

Learn Forex Trading