Silver price surged to over $22.38 per ounce during, a level not seen since early February after Credit Suisse woes renewed concerns over the health of the global banking sector. Nevertheless sellers become more active after the start of the US session. After an unsuccessful attack on 50 SMA ( green line) bears managed to push the price below the crucial $22.00 mark and 200 SMA (red line). As long as the price sits below the aforementioned level, another downward impulse may be launched towards key support at $20.00 or even $18.90 handle which is marked with lower limit of the 1:1 structure and 61.8% Fibonacci retracement of the upward wave started in March 2020.
SILVER, D1 interval. Source: xStation5
