Silver chart overview

6 oct 2022

During the Asian trading session, the price of silver fell to support the $20.00 level. After that, we see a new recovery to the $20.80 level, where we stop for now and make a new pullback to $20.40. Basically, we are now in consolidation after the price of silver formed a new higher high at the $21.23 level. We need another drop to $20.00 for support to continue the bearish option. This support coincides with the 38.2% Fibonacci level. A break below the price could further lower us, and the target is 61.8% Fibonacci. We need to consolidate above the $21.00 level for a bullish option. Then we could test the previous high and maybe make a break above. A potential higher target is the $21.50 level.