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Technical outlook:
Silver prices declined to the $20,80 lows during the New York session on Friday, falling in line with a short-term forecast. The metal is seen to be trading close to $20.85 at this point in writing and is expected to resume higher towards $24.00 in the next few trading sessions. The bottom line is that prices should stay above the $20.45 interim support.
Silver prices have been dropping since February 2021 after hitting highs at around $30.08 as seen on the daily chart. The metal has been successful in carving a series of lower lows, the recent one being at $20.45. Also, note that the recent larger degree downswing is between $26.22 and $20.45, which is being worked upon as the correction is progressing.
Silver has already carved the first and second waves within the corrective phase between $22.44 and $20.60 in the past few trading sessions. If the above structure holds well, the next leg should be higher towards the $24.00-20 area before the downtrend resumes. Also, note that $24.00 is close to the Fibonacci 0.619 retracement of the above downswing.
Trading plan:
Potential rally towards $24.00 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.
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