FX.co ★ Trading plan for Silver for June 07, 2022

Technical outlook:

Silver prices have remained in the range between $21.50 and $22.50 in the last few trading sessions. Silver broke through $21.95 from its Monday high of around $22.50. It might be moving within a triangle consolidation before breaking higher through $24.00-20. Bulls are poised to hold prices above $20.45 in the near term.

Silver has started a corrective rally after carving a larger downswing between $26.22 and $20.45 respectively. The proposed corrective rally is probably within its second wave and could terminate ahead of $21.40. If this scenario is correct, bulls may push prices through $24.00-20 in the next few trading sessions.

Silver is also facing its Fibonacci 0.618 retracement level around $24.00 along with the past support turned into resistance. It is a strong convergence point for bears to be back in control if prices manage to reach there. Traders might be preparing to hold their long positions for now and then turn lower from $24.00-20.

Trading plan:

Potential rally through $24.00 against $20.00

Good luck!