Silver chart overview

After forming last week's high at $21.23, the price of silver has been in a bearish trend since then. With the Fibonacci setup, we can measure pullbacks. The first was stopped at the 38.2% level, then we see a recovery to $20.80, but not the formation of a new higher high. The price of silver is making a new pullback which was stopped today at the 50.0% Fibonacci, and we now have some support here at $19.60. Silver prices are recovering again to $19.90, and we are now following this bullish impulse to see where the next high will be. The formation of a new lower high is a sign of a further weakening of the price of silver, and our potential target is the 61.8% Fibonacci level, the support zone of $19.00-$19.20. For a bullish option, we need a continuation of the current momentum and a price jump again to the $20.80 resistance level. A break above would greatly benefit us for a potential continuation of the price recovery. The next target is last week's high at $21.23 level.