A break of $ 22, the bear’s next move could be a significant one
- Silver is capped by the 38.2% fibo retracement level and eyes are down.
- The weekly dojis are roughly the only bullish prospects on the charts.
According to the following analysis of the weekly and daily charts, silver is on the verge of a significant downward or upward movement.
Silver weekly chart
Last week’s weekly dojis and the current week are a bullish prospect for the coming weeks that could lead to a symbolic upward move. However, the 20 EMA crossing the 50 EMA is compelling and heavily declining as the price hovers over thin ice and looks into the abyss. A break here would open exposure to the 200-week EMA near $ 20.82.
Silver daily charts
We saw a failed attempt to move higher on the daily chart and that resulted in the W pattern in Monday’s candle running aground. This is bearish.
The daily chart is also bearish as the 38.2% Fibonacci offers resistance in the correction and the current daily candlestick opening prospects that the wick will be filled in lower time frames for the sessions to come. The bears can target the -272% Fibonacci retracement of the correction range near $ 21.48 before hitting the weekly EMA on a break of $ 21.