FX.co ★ Trading plan for Silver on June 17, 2022

Technical outlook:

Silver prices rose through the $21.96 high before pulling back on Thursday. The metal has slipped marginally and is seen to be trading around the $21.85 mark at this point in writing. Bulls are poised to remain in control after confirming a bullish Morning Star candlestick pattern since printing lows around the $20.90 mark early this week.

Silver prices are most likely into their last leg rally towards the $24.00 mark, within the proposed corrective phase that had begun since the $20.45 low earlier. Please note that intraday corrective drops remain possible but prices would be well capped ahead of $20.90 interim lows. A push above $22.44 will certainly accelerate the rally further.

Silver prices are working on a larger degree downswing between $26.22 and $20.45 as seen on the daily chart. The Fibonacci 0.618 retracement of the above drop is also seen through the $24.00 mark, which should offer strong resistance. Furthermore, past support turned into a resistance zone. Bears are poised to come back in control thereafter.

Trading plan:

Potential rally through $24.00-20 mark against $20.00

Good luck!