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Traders should keep a watchful eye on factors that may influence the silver market, such as the strength of the US dollar, geopolitical tensions, and global economic conditions.
- The silver market has been back and forth during the Thursday trading session as we wait to see if momentum can take us higher.
- The $25 level is a significant psychological number that will attract a lot of attention.
- It is not surprising that the market has pulled back since we quickly reached the $26 level.
There are a lot of buyers underneath, and it’s only a matter of time before value hunters come back into the market. The 50-Day EMA is approaching the $24 level, the overall consolidation area from winter, which should keep the market afloat with a lot of water flow in that area. Furthermore, wealth preservation continues to be a major theme, and silver is a potential solution.
It’s not until the market breaks down below the $23 level that it would be a sell. Even then, it’s essential to keep an eye on the 200-Day EMA, as anything below there would open a massive selloff. The market is likely to continue with noisy behavior, so it’s crucial to be cautious about putting a lot of money into the market at once. However, buying dips, and trimming positions as we rally, is a good approach to investing in the silver market.
If we break above the $26 level, it’s likely that the market could reach the $27.50 level. Anything above there opens the possibility of a move to the $30 level. All things considered, the market is still looking bullish, so it’s important to seek value and take advantage of it as it occurs in the silver market.
Traders should keep a watchful eye on factors that may influence the silver market, such as the strength of the US dollar, geopolitical tensions, and global economic conditions. These factors may have a significant impact on the price of silver, making it essential to stay informed to make informed investment decisions.
In conclusion, the silver market has been back and forth during the trading session on Thursday, waiting for momentum to take us higher. The $25 level is a significant psychological number that will attract a lot of attention. With a lot of buyers underneath and the 50-Day EMA approaching the $24 level, the market is likely to remain afloat. Wealth preservation is a major theme, and silver is a potential solution. It’s important to be cautious about investing and take advantage of dips as we rally in the silver market. Investors should stay informed about the factors that may influence the market to make informed decisions.
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