Silver Technical Analysis Report 19 February, 2024

Dmitry Chernovolov Market Analyst

Silver can be expected to fall further toward the next support level 22.900 (former top of eave (b) from last week,

– Silver reversed from resistance area

– Likely to fall to support level 22.900

Silver recently reversed down from the resistance area located between the key resistance level 23.35 (which has been repeatedly reversing the price from the start of January), upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous downward impulse from December. The downward reversal from this resistance area is likely to form the daily Japanese candlesticks reversal pattern Dark Cloud Cover, which stopped the previous impulse wave 3.

Given the strength of the resistance level 23.35 and the bearish sentiment affecting the previous markets today, Silver can be expected to fall further toward the next support level 22.900 (former top of eave (b) from last week, acting as the support after it was broken).

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