empty
 
 
27.05.2022 01:57 PM
Trading plan for Silver for May 26, 2022

This image is no longer relevant

Technical outlook:

Silver prices rose to $22.38 intraday on Friday as the near-term potential remains towards $22.65. Please note that $22.65 is the Fibonacci 0.382 retracement of the entire drop between $26.22 and $20.45. A high probability remains for a bearish reaction if prices manage to reach there.

Silver has been unfolding a counter-trend rally since the $20.45 low registered on May 13, 2022. The first wave of the corrective phase is now expected to terminate close to the $22.65 mark. Prices are expected to pull back through the $21.20-50 zone to produce the second wave of the corrective phase. Bulls will be inclined to terminate the last wave through the $24.00-20 zone as projected on the daily chart.

Siver has already carved a meaningful bearish boundary between $26.20 and $20.45 as seen here. The metal is retracing now in the same fashion and prices are expected to reach the $24.00 mark, which is the Fibonacci 0.618 level of the drop. Also, the past support-turned-resistance is seen passing through the $24.00-10 zone, which is a potential reversal zone.

Trading plan:

Potential short-term drop through $21.50, then rally towards $24.00

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback