04.07.2022
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Forex Analysis & Reviews: 24.06.2022

Relevance up to 06:00 UTC + 00

Exchange Rates 24.06.2022 analysis

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

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