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Read more: https://www.instaforex.eu/forex_analysis/278722
Technical outlook:
Silver prices climbed to the $22.46 highs intraday on Friday after bouncing off $21.44 early this week. The metal is poised to test the $22.80 mark in the near term before producing a corrective drop. Bulls are poised to hold prices above the $20.45 mark and push towards $24.00 in the next few trading sessions.
Silver prices are unfolding a corrective phase from the $20.45 low, which has the potential to push through the $24.00-20 levels before terminating. The metal seems to be into its final leg higher within the corrective rally. If the structure holds well, prices would ideally stay above $21.44 and continue higher from here.
Alternatively, Silver prices might drop yet again through $21.30 before resuming the final leg higher. In that case, the corrective wave is developing a more complex structure. Also, note that $21.30 is the Fibonacci 0.618 retracement of the recent upswing between $20.45 and $22.44. Hence, the probability remains high for a bullish reversal.
Trading plan:
Potential rally towards $24.00-20 zone against $20.00
Good luck!
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