XAGUSD: Investing In Silver? Trading plan for Silver for June 21, 2022| FXMAG.COM

Relevance up to 08:00 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 slipped close to $21.50 after hitting up to $21.95 over the last week. The metal is expected to find intraday support at around the $21.30-40 zone before it could resume its rally towards the $24.00-20 area. Bulls will be inclined to hold prices above $20.90 and broadly above $20.45 to keep the structure constructive.

Silver is still working on the last leg rally within the corrective phase that had begun since the $20.45 lows earlier. The first and second waves of the corrective rally terminated at around $22.44 and $20.90 respectively. If the above structure holds well, the metal should produce a sharp rally towards $24.00 as the third wave progresses.

Silver has been in a downtrend since the $30.08 highs printed in February 2021. The metal has carved a recent larger degree downswing between $26.22 and $20.45 as seen on the daily chart. Also, note that the $24.00-20 zone is passing close to the Fibonacci 0.618 retracement of the above downswing. Hence, a high probability remains for a turn lower if prices manage to reach there.

Trading plan:

Potential rally through $24.00 against $20.00

Good luck!

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