Silver Price Forecast: The technical set-up seems tilted firmly in favour of bearish traders and supports prospects for an extension of the ongoing depreciating move for the silver (White Metal). Hence, a subsequent slide below the $21.00 mark, towards challenging the YTD low around the $20.45 area touched on May 13, now looks like a distinct possibility.
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On the flip side, attempted recovery might now confront resistance near the 50% Fibo. level, around mid-$21.00s. Any further move up might still be seen as a selling opportunity and runs the risk of fizzling out rather quickly near the $22.00 mark, comprising 200-period SMA on the 4-hour chart and the 23.6% Fibo. level.
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A convincing break through the aforementioned barrier would negate the near-term negative bias and shift the bias in favour of bullish traders. The silver (White Metal) might then surpass an intermediate resistance near the $22.30 area and test the $22.50-$22.60 supply zone. Some follow-through buying should pave the way for additional gains.
Disclaimer
This article is intended for educational purposes only. The views and opinions expressed are those of individual analysts or brokerage firms and do not represent the views of GoldSilverReports.com. Investors are strongly advised to consult certified SEBI-registered financial experts before making any investment or trading decisions.
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