Silver’s rally fails at $22.05 and retreats to $21.50. The precious metal found key resistance near $22.00. If the RSI is at overbought levels, some consolidation likely. silver’s upward trend since early November in the $19.00 range was halted at a five-month high of $22.05 on Friday before returning to an average of $21.00. On the weekly chart, however, the pair is on track for a nearly 5% rally. The precious metal hit key resistance near $22.00, where the 50% Fibonacci retracement level of the April-September downtrend and the highs of June 16, 17 and 21 are holding back the bulls. In addition, the pair has reached overbought levels on the hourly and daily charts, suggesting that some consolidation or even a moderate pullback is still in line for a possible top. On the top, above $22.00, the pair can target 3-6. June peaked at $22.50 before retracing the aforementioned downtrend by 61.8% back to $23.00. The , bears held above the 200-day MA, currently at $21. 5, with the next possible support levels at $20.95 (October 10) and $20.35 (November 7 low).
