21.05.2022
Chicago 12, Melborne City, USA
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Forex Analysis & Reviews: 13.05.2022

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Exchange Rates 13.05.2022 analysis

Technical outlook:

Silver prices continued to drop on Thursday carving fresh lows around $ 20.60 levels. The metal is not too far from the lows and remains vulnerable for yet another drag lower through $ 20.30 levels as shown on the chart here. Bulls might be preparing to come back into control soon but need to hold prices above $ 20.60 mark near term.

Silver has already carved a meaningful downswing between $ 26.22 and $ 20.60 levels now. Ideally prices are expected to produce a counter trend rally anytime soon, pushing prices through $ 24.10 levels at least if not further. Immediate price resistance is now seen through $ 23.30, followed by $ 26.22, $ 26.95 and higher.

A break above $ 23.30 is now needed to release any near term downside pressure and resume its counter trend rally. Also note that the fbonacci 0.618 retracement of the above drop is seen passing through $ 24.07 levels, which should provide strong resistance. Bears would be inclined to come back in control thereafter.

Trading plan:

Potential rally towards $ 24.00-10 levels against $ 20.00

Good luck!

* The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Oscar Ton,
Analytical expert of InstaForex
© 2007-2022

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