empty
 
 
16.05.2022 03:13 PM
Trading plan for Silver on May 16, 2022

This image is no longer relevant

Technical outlook:

Silver prices dropped through the $20.45 lows on Friday before finding interim support. The metal has refrained from printing any further low on Monday as its counterpart Gold. It could be seen as a potential divergence and the trend reversal scenario in the near term. Bulls will be inclined to hold prices above $20.45, keeping the structure intact.

Silver has been in a downtrend since the $30.08 high and it has carved a series of lower lows and lower highs as seen on the chart presented. The metal has carved a meaningful downswing between $26.22 and $20.45 and would be now working to retrace the same. Please note that the Fibonacci 0.618 retracement of the above drop is now seen through $24.00.

Furthermore, the past support-turned-resistance is seen at $24.30. A high probability remains for the downtrend to resume if prices manage to reach the above $24.00-30 zone going forward. Ideally, any pullback should stay below the $26.20 resistance as bears prepare to come back in control.

Trading plan:

Potential rally through the $24.00-30 area against $20.45

Good luck!

Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $9000 más!
    ¡En Mayo, sorteamos $9000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 100% de bonificación
    Su oportunidad única de obtener un bono del 100 % en su depósito
    OBTENER BONO
  • 55% de bonificación
    Solicite un bono del 55% en cada depósito
    OBTENER BONO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback