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Silver prices rallied through $21.90 on Wednesday before finding interim resistance. The metal is seen to be trading at around $121.60 after carving a higher low around the $21.50 mark on Thursday. The drop seems to be corrective until now as bulls prepare to push through $22.00-30 in the near term. We can expect a meaningful drop thereafter.
Silver has been producing lower highs and lower lows since the $30.80 high. The recent swing low had been registered at around $20.45 before bulls were back into action. The metal has carved a meaningful downswing between $26.22 and $20.45 recently, which should be retraced before the downtrend resumes.
The projected price to terminate a counter-trend is toward the $24.00-20 zone, which is the Fibonacci 0.618 retracement of the above downswing. Furthermore, also note that past support-turned-resistance is seen around the $24.20 mark. The high probability remains for prices to turn lower thereafter and drag below $20.45 going forward.
Potential rally towards $24.00 against $20.00
Good luck!
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