Relevance up to 06:00 UTC + 00
Technical outlook:
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.
Trading plan:
Potential rally towards $ 24.00-20 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
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
Leave feedback about this