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Silver prices dropped through fresh lows around the $21.75 mark on Monday. The metal has broken its previous swing low around $22.12 by a shallow margin and could be carving a complex corrective structure (expanded flat). Bulls might be still inclined to push prices higher towards the $24.50 mark to complete the correction.
Silver had earlier dropped between the $26.20 and $22.10 levels, carving a meaningful downswing. Ideally, a corrective wave should be unfolding towards the $24.40-60 zone as marked on the daily chart here. The metal might be unfolding as a more complex correction and could resume its rally towards $24.40 soon.
Alternatively, a consistent drop from the current levels towards $21.50 and beyond might indicate that bears would remain in control. High probability remains for a corrective rally from here before the down trend could resume further. Also, note that $24.50 is the Fibonacci 0.618 retracement of the recent downswing as discussed earlier, hence there is a higher probability.
Potential rally through $24.50 against $21.00
Good luck!
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
