Relevance up to 12:00 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Technical outlook:
Silver prices dropped through fresh lows at around $20.58 intraday on Thursday, marginally below $20.60. The metal remains well supported at around the $20.45 mark and prices should ideally bounce back ahead of that. Bulls will be poised to come back in control from here and push through $24.00 in the next few trading sessions.
Silver prices are in a religious downtrend from the $30.08 highs printed in February 2021. The recent larger degree downswing is between $26.22 and $20.45 and bulls are carving a counter-trend rally before giving in to the next leg lower. Also, note that the Fibonacci 0.618 retracement of the above drop is also seen at around $24.00, a potential bearish reversal zone.
Silver is still holding its recent lower degree upswing between $20.45 and $22.44 intact. Bulls might remain poised to be back in control anytime soon and push towards $24.00. A break above $21.50, which is initial price resistance, will confirm that bulls are back in control and the counter-trend rally is into its last leg higher towards $24.00.
Trading plan:
Potential rally through $24.00 against $20.00
Good luck!
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