Purchasing wave to be expected

Resistance levels: 17,23 + 17,67 + 17,91 

Support levels: : 16,96 + 16,60 + 16,26 

Retrospective view :

Since the beginning of July, silver has been in a further upward trend, which started just below the USD 14.50 mark and initially pushed the value above the USD 17.91. Silver began a strong correction in September, which found support at 16.26 USD. Starting from this support area, silver moved up again in October and overcame the barrier at USD 17.23 for a short time. This increase is currently being corrected in the form of a bullish flag.

Technical outlook:

The bulls are still struggling for support at 16.96 USD. But even falling below the mark would only affect silver for a short time. Starting from USD 16.60, the flag formation could be resolved and thus pave the way for an outbrea over USD 17.23. If the barrier is overcome, the precious metal is likely to climb to USD 17.67 and above, rising to the resistance level at USD 17.97. Above this, gains of up to USD 18.50 can be expected.

Only a sustained break of the USD 16.60 level would have a negative impact and result in a correction to USD 16.26. However, the upward trend of recent weeks could continue there.