Silver Is Flagging a Recovery
Silver prices have reached an important support zone of $20.50 per ounce forming a potential reversal sign. However, it is too early to consider it as such. The current price of $21.1 is essentially a test zone for an upward correction. The decline may be resumed after it hits the downside target of $19.84. On Friday, March 3, the price is testing the 200 EMA on the H1 chart. If we get a rollback down from this range on the H1 - H4 timeframes, then short trades with the target at $19.84 would be appropriate. These considerations are based on Fibonacci levels and the moving average of the RSI indicator with a period of 14. In addition, the market could stay at strong levels - both support and resistance - for several days or several weeks, as the case was in December last year.
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