Silver has broken the key support level of 55.00 in a sell-rated wave analysis, which expects a further fall toward 50.00.
Silver broke the key support level 55.00. A sell-rated wave analysis published on ActionForex on Oct 30 says it is likely to fall to support level 50.00.
Silver broke a support zone between the 55.00 level and the support trendline of the daily down channel from the end of August. The 55.00 level stopped wave (1) in the middle of July, wave B at the start of August and wave 3 in the middle of October.
Next, the breakout accelerated the active impulse wave 5 of the intermediate impulse wave (3) from the end of August. Given the strong daily downtrend, silver can be expected to fall further toward the next round support level 50.00, the target price for completing the active impulse wave (3).
Source: ActionForex
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