Silver Price Forecast: The technical set-up seems tilted firmly in favour of bearish traders and supports prospects for an extension of the ongoing depreciating move for the silver (White Metal). Hence, a subsequent slide below the $21.00 mark, towards challenging the YTD low around the $20.45 area touched on May 13, now looks like a distinct possibility.Read More Silver Outlook: Silver Will Soon Drop For $19 | Neal Bhai Reports: Silver Price Forecast: Technical Set-up Favors Bearish Traders
On the flip side, attempted recovery might now confront resistance near the 50% Fibo. level, around mid-$21.00s. Any further move up might still be seen as a selling opportunity and runs the risk of fizzling out rather quickly near the $22.00 mark, comprising 200-period SMA on the 4-hour chart and the 23.6% Fibo. level.
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A convincing break through the aforementioned barrier would negate the near-term negative bias and shift the bias in favour of bullish traders. The silver (White Metal) might then surpass an intermediate resistance near the $22.30 area and test the $22.50-$22.60 supply zone. Some follow-through buying should pave the way for additional gains.