Silver chart overview
During the Asian session, the price of silver continued to retreat. In the European trading session, the price of silver fell to $19.20, the support level at 61.8% Fibonacci. Silver, like gold, is taking advantage of the current dollar weakness and is moving toward the $19.40 level. For a bullish option, we need a continuation of this positive consolidation and a move towards the $19.60 level at the 50.0% Fibonacci. Then we need to stay above it and try to continue the recovery. Potential higher targets are the $19.80 and $20.00 levels. For a bearish option, we need a continuation of the negative consolidation and a price drop below the $19.20 level. After that, the price of silver would continue its further retreat, looking for better support. Potential lower targets are $19.00, $18.80 and $18.60 levels.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.