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FX.co ★ Trading plan for Silver on June 28, 2022

Trading plan for Silver on June 28, 2022

Trading plan for Silver on June 28, 2022

Technical outlook:

Silver prices dropped through the $21.04 lows during early hours on Tuesday after reversing from the $21.54 intraday highs printed on Monday. The metal is seen to be trading close to $21.15 at this point in writing and is expected to resume its rally towards $24.00 in the next few trading sessions. Ideally, prices will stay above the $20.45 interim lows to keep the bullish structure intact.

Silver prices have been unfolding a corrective rally since May 13, 2022, after printing lows at around $20.45 as seen on the daily chart here. The corrective phase seems to have completed its first and second wave at around $22.44 and $20.60. If the above structure unfolds as expected, the metal might be already on its way towards $24.00 going forward.

Silver has been lately working on a larger degree downswing between $26.22 and $20.45 as seen on the 4H chart here. The Fibonacci 0.618 retracement of the above drop is also seen passing through the $24.00-20 zone. The high probability remains for a turn lower thereafter, if prices manage to push through the $24.00 mark.

Trading plan:

Potential rally through $24.00-20 against $20.00

Good luck!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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