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Silver dropped to an intraday low of $21.75 on Thursday after having rallied through the $22.24 high early this week. It might have carved a higher low above $21.40, reached recently. Bulls will try to hold prices above a low of $20.45 to keep the near-term outlook constructive. They are likely to push the price to $24.00.
Silver is unfolding a countertrend rally after printing a low of $20.45 in May 2022. The recent downward upswing is between $20.45 and $22.44. The price has already retraced to support around $21.40. The price may drop to $21.30, which is the Fibonacci 0.618 retracement level of the recent upswing.
Silver prices may complete the corrective phase by reaching the $24.00-20 zone. The larger degree downswing is between $26.22 and $20.45. Bear in mind that this is the Fibonacci 0.618 retracement level of the above downswing. Hence high probability remains for a bearish bounce if prices reach there.
Potential rally through $24.00-20 against $20.00
Good luck!
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