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Silver prices dropped through the $ 20.90 mark on Thursday before finding support. The metal has managed to regain the $ 21.00 handle during the Asian session of Friday and is now looking to capitalize further by pushing prices through the $ 24.00 mark going forward. The structure still remains constructive for bulls until prices stay above the $ 20.45 interim support.
Silver continues to unfold within the larger degree corrective wave, which began from the $ 20.45 lows earlier. The metal has now carved the second wave at around $ 20.90 which is also the Fibonacci 0.786 retracement of its recent upswing between $ 20.45 and $ 22.44 as projected on the chart here.
Silver is working on a larger degree downswing between $ 26.22 and $ 20.45 and is expected to terminate the proposed counter-trend rally towards the $ 24.00-20 zone in the next few trading sessions. If the above structure holds well, prices will stay above $ 20.45 as bulls come back in control pushing higher from here.
Potential rally towards $ 24.00-20 against $ 20.00
* The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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