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Silver prices have been drifting sideways for the last three trading sessions broadly between $21.70 and $22.00-10. The rally since $20.45 has taken out initial resistance at $22.10 already as bulls entered the market. A high probability remains for a corrective drop towards the $21.00-10 zone before the next leg resumes higher.
Silver prices are working upon the recent bearish boundary between $26.20 and $20.45. Prices are expected to retrace higher through the $24.00-10 zone, which is the Fibonacci 0.618 level of the drop. Furthermore, the past support-turned-resistance zone is also seen at around $24.00 on the 4H chart presented here.
The high probability remains for bears to be back in control from close to the $24.00-10 zone, if the counter-trend rally terminates there. We expect a short-term drop through $21.00-10 and then a rally towards $24.00 before turning lower again through the larger degree downtrend. Traders might be willing to add further short positions around $24.00.
Potential rally through $24.00-10 against $20.00
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