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Forex Analysis & Reviews: 20.05.2022

Relevance up to 13:00 UTC + 00

Exchange Rates 20.05.2022 analysis

Technical outlook:

Silver has raised through the $ 22.10 mark on the intraday chart on Friday before pulling back. The metal is seen to be trading around $ 21.80 at this point of writing and might have found intraday support. Bulls might be preparing to hold the price above the $ 21.50 mark and attempt another rally towards the $ 22.30 mark in the near term.

Silver prices have already reached the minimum requirement to confirm a much deeper rally ahead. Bulls have been successful in taking out initial resistance seen around the $ 21.95-22.00 zone on lower time frames (1 hour). It is quite possible for bears to take control from here and produce a meaningful corrective drop towards the $ 21.00-20 zone.

On a larger time frame, Silver is poised to produce a counter-trend rally towards the $ 24.00-20 levels, which is the Fibonacci 0.618 retracement of the entire drop between $ 26.22 and $ 20.45. Traders might be prepared to hold long positions for a while against the $ 20.45 mark with a potential target towards $ 24.00-20.

Trading plan:

Potential rally through $ 24.20 against $ 20.00 and then lower.

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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