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Silver prices pushed marginally higher to $24.70 on Friday before easing lower again. The metal might still push toward $25.85 levels as discussed earlier, before resuming lower again. Bulls might remain inclined to hold prices above $24.00 levels to keep the momentum on the higher side for the next few trading sessions.
Siver has been in a downtrend since $30.08 highs and is still expected to continue printing lower lows and lower highs going forward. The metal has carved a recent downswing between $28.75 and $21.50 levels as seen on the daily chart here. The same has been retraced by a counter trend rally towards $26.90 mark recently.
Also note that Silver has reversed from a convergence of its one year old resistance trend line and fibonacci 0.618 retracement of the above downswing around $26.90. High probability remains that prices stay below that mark and continue lower towards $21.00 and further in the next several trading sessions.
Potential rally to $25.85 against $24.00. Then lower.
Good luck!
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
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