Silver can be expected to fall further toward the next support level 54.75 (which stopped the previous impulse wave (1) in July).
- Silver broke support zone
- Likely to fall to support level 54.75
Silver recently broke through the support zone between the support level 59.50 (which has been reversing the price from July, as can be seen from the daily Silver chart below) and the support trendline of the daily down channel from the end of August. The breakout of this support zone created the long daily Japanese candlestick Black Marubozu, which accelerated the active minor impulse wave 3 – that belongs to the intermediate impulse wave (3) from the end of August.
Given the clear daily downtrend and the strongly bearish sentiment seen across the precious metal markets today after the hotter-than-expected US CPI revived Fed rate-hike bets, Silver can be expected to fall further toward the next support level 54.75 (which stopped the previous impulse wave (1) in July).
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