Silver can be expected to rise to the next resistance level 65.00 (former string support from February to June).
- Silver reversed from long-term support level 55.00
- Likely to rise to resistance level 65.00
Silver recently reversed up from the support zone set between the strong long-term support level 55.00 (former resistance from October and November, as can be seen from the daily Silver chart below) and the lower daily Bollinger Band. The upward reversal from this support area stopped the earlier short-term impulse wave v of the intermediate impulse wave C from the start of May. This intermediate impulse wave C is belongs to the longer-term downward ABC correction (2) from January.
Given the strength of the support level 55.00 and the bullish sentiment seen across the precious metals markets, Silver can be expected to rise to the next resistance level 65.00 (former string support from February to June).
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