Silver Technical Analysis Report 3 June, 2024

Dmitry Chernovolov Market Analyst

Silver can be expected to rise further toward the next resistance level 32.00, which has been reversing the price from the start of May.

Silver analysis

– Silver reversed from support level

– Likely to rise to resistance level 32.00

Silver recently reversed up from the combined support area located between the pivotal support level 29.60 (former strong resistance from April, acting as the support after it was broken in May, as can be seen from the daily Silver chart below) 20-day moving average and the 38.2% Fibonacci correction of the sharp upward impulse wave 1 from the start of May. The upward reversal from this support area continues the active impulse waves 3 and (3).

Given the clear daily uptrend and the improving sentiment seen across the precious markets, Silver can be expected to rise further toward the next resistance level 32.00, which has been reversing the price from the start of May.

Silver analysis
Silver analysis

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