20.04.202214:33 Forex Analysis & Reviews: Trading plan for Silver for April 20, 2022

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical outlook:

Silver seems to have finally resumed its downtrend after finding resistance just above the $26.00 mark early this week. The metal was projected to rally through $25.85 mark before reversing lower again. Bears will now remain poised to hold prices below $26.30 to keep the immediate downside momentum intact.

Silver has been in a larger degree downtrend since $30.08 highs as labelled on the daily chart here. The metal has already completed a major downswing from $30.08 through $21.42 levels. The recent downswing between $28.75 and $21.42 has also been retraced by a corrective rally toward $26.95.

Also note that fibonacci 0.618 of the recent downswing has been tested along with the down trend line around $26.95. Ideally prices should now stay below the $26.95 high and continue printing lower lows and lower highs through $22.00 and below $21.00 mark going forward. Only a push above $26.95 will delay matters further.

Trading plan:

Potential drop through $22.00 and $21.00 against $28.75.

Good luck!

Back to the list

Open trading account

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.