Stay 
Trading Conditions
Products
Tools
Silver prices continued to drop on Thursday carving fresh lows around $20.60 levels. The metal is not too far from the lows and remains vulnerable for yet another drag lower through $20.30 levels as shown on the chart here. Bulls might be preparing to come back into control soon but need to hold prices above $20.60 mark near term.
Silver has already carved a meaningful downswing between $26.22 and $20.60 levels now. Ideally prices are expected to produce a counter trend rally anytime soon, pushing prices through $24.10 levels at least if not further. Immediate price resistance is now seen through $23.30, followed by $26.22, $26.95 and higher.
A break above $23.30 is now needed to release any near term downside pressure and resume its counter trend rally. Also note that the fbonacci 0.618 retracement of the above drop is seen passing through $24.07 levels, which should provide strong resistance. Bears would be inclined to come back in control thereafter.
Potential rally towards $24.00-10 levels against $20.00
Good luck!
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
We may place cookies for analysis of our visitor data, to improve our website and measure advertising performance. Overall this data is used to provide a better website experience. More information
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of Instant Trading EU Ltd including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.
We are sorry for any inconvenience caused by this message.
