Silver Wave Analysis 4 December 2024

- Silver reversed from round support level 30.00
- Likely to rise to resistance level 32.00

Silver recently reversed up from the round support level 30.00, which has stopped all previous downward corrections from September.

The support level 30.00 was strengthened by the lower daily Bollinger Band and by the 61.8% Fibonacci correction of the sharp upward impulse from August.

Given the clear daily uptrend, Silver can be expected to rise further to the next resistance level 32.00, former top of the minor correction from the start of November.