Technical outlook:
Silver prices rallied through $23.300 intraday on Thursday after carving a low around $22.20 post FOMC on Wednesday. The metal has moved in line with expectations and the projected direction after hitting its downside target of around $22.10 earlier. Bulls will be poised to remain in control and hold prices above the $22.10 mark.
Silver has been in a downtrend since $30.08 and is looking to drop below the $11.00 in the next several weeks. It has carved strong resistances around $26.90 and $28.75 levels and the price should stay lower to keep the current bearish scenario intact. A short-term target has been met at around $22.10 and prices are pulling back before resuming lower again.
Also, note that silver has carved a meaningful downswing between $26.20 and $22.10 in the past few trading sessions. The same is being retraced for now and potential remains through $24.60 levels, which is the Fibonacci 0.618 retracement of the above drop. Furthermore, the past support-turned-resistance zone is also seen through $24.50.
Trading plan:
Potential rally through $24.50 against $22.10, then lower again.
Good luck!
