Silver technical analysis: First upside target comes as the 23.6% retracement level at 22.15

The price of silver has been turning heads as it plays catch up with its rival, gold. The ratio between gold and silver has plummetted in recent times, ending Friday around 83 having travelled down -0.73% from 84.07 the high, down 11% since its July peak. 

Silver, on the other hand, was up in the 49.80s at its highest point back in April 2011 and a continuation of an upside correction brings in the first upside target as being the 23.6% retracement level at 22.15. A 50% mean reversion is located in the 31.70s and a move beyond there will look to the 2012 highs through the 61.8% of 36 at 37.50. On the downside, the 17.50s come in as 50% Fibo of 2016 highs to recent swing lows. The 17.70s could offer a solid level of support on the way there.