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Silver dropped through $21.57 on Thursday after reversing sharply from $22.50-60 highs early this week. The metal is seen to be trading close to $21.90 at this point in writing and might be looking to resume higher from here. Bulls remain inclined to hold prices above $20.45 to keep the structure encouraging.
Siver is in a larger degree downtrend since the high of $30.08 as seen on the daily chart. It has carved a recent downswing between $26.22 and $20.45, which is being retraced for now. The countertrend rally, which began from $20.45 earlier, is projected to continue through the $24.00-20 mark going forward. This is the Fibonacci 0.618 retracement of the above drop.
Silver has already carved a higher low around $21.40 or is expected to carve around $21.30. Once complete, prices are expected to rally towards $24.00 as the final leg of the corrective wave resumes.Traders might hold long positions for now with a potential target towards $24.00-20 and risk around $20.45 levels.
Potential rally through $24.00-20 against $20.00
Good luck!
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