Technical outlook:
Silver prices pushed marginally higher to $24.70 on Friday before easing lower again. The metal might still push toward $25.85 levels as discussed earlier, before resuming lower again. Bulls might remain inclined to hold prices above $24.00 levels to keep the momentum on the higher side for the next few trading sessions.
Siver has been in a downtrend since $30.08 highs and is still expected to continue printing lower lows and lower highs going forward. The metal has carved a recent downswing between $28.75 and $21.50 levels as seen on the daily chart here. The same has been retraced by a counter trend rally towards $26.90 mark recently.
Also note that Silver has reversed from a convergence of its one year old resistance trend line and fibonacci 0.618 retracement of the above downswing around $26.90. High probability remains that prices stay below that mark and continue lower towards $21.00 and further in the next several trading sessions.
Trading plan:
Potential rally to $25.85 against $24.00. Then lower.
Good luck!
