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Silver might be preparing for a counter trend rally towards $25.80 levels before turning lower again. The metal has been in a down trend since $30.08 highe and it has carved yet another higher low around $26.95 mark on March 08, 2022. Ideally, prices should stay below that price and drag lower $21.00 and further.
Silver had earlier dropped from $28.75 highs through $21.50 lows, carving a meaningful downswing. Prices also produced a counter trend rally through $26.95 levels testing the down trend line and fibonacci 0.618 retracement of the above downswing. High probability remains for prices to resume lower from here and drag below $21.00.
Siver could produce a short term rally towards $25.80 carving yet another lower high before turning bearish. Bottom line for the above bearish structure to hold good is the $28.75 resistance, which should remain intact. Only a push beyond $28.75 could turn the structure to medium term bullish and delay the expected drop.
Potential drop below $21.00 against $28.75
Good luck!
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