Superior broker technology provider since 2010
+1 (315) 675 1086 | Sales@YourOwnBrokerage.com

Drops to Find More Support


In the end, the silver market continues to navigate through volatility, presenting both challenges and opportunities for traders.

The silver market experienced a slight decline during Tuesday’s trading session, contributing to the ongoing noise in the market. However, there are several crucial factors to consider that may indicate an impending squeeze, making it a situation worthy of attention. Presently, silver is trading near the 50% Fibonacci retracement level, situated between the 50-Day Exponential Moving Average (EMA) and the 200-Day EMA indicators. This trading range often signifies an imminent significant movement in the market. Consequently, exercising patience and monitoring the market closely may prove advantageous for traders navigating the silver market at this juncture.

brokers-we-recommend Forex Brokers We Recommend in Your Region

See full brokers list see-full-broker

 

In terms of a potential downward scenario, a break below the 200-Day EMA could lead to further declines, with the possibility of reaching the 61.8% Fibonacci level, which is approximately around the $22 mark. If this level is breached, it would pave the way for a more substantial downward move, with the $20 level becoming a viable target. This potential decline may coincide with a strengthening US dollar, adding further downward pressure to the silver market. On the upside, traders should be aware of the slight resistance posed by the 50-Day EMA just above the $24 level. Should silver manage to surpass this hurdle, it is likely to set its sights on the psychologically significant $25 level, which often garners significant attention from market participants. Considering these factors, it is inevitable that traders will soon assess whether the pullback has created an opportunity for value hunting. If so, a significant market bounce is probable, potentially sending silver toward its previous highs.

  • When trading silver, it is crucial to exercise caution and be mindful of position sizing due to the inherent volatility of the metal.
  • Silver’s dual nature as both a precious and industrial metal adds complexity to its dynamics, making trading silver more intricate compared to trading gold in the current market environment. Nonetheless, silver retains its place and significance in the market.
  • Once the boundaries established by the moving averages are broken, substantial and potentially lucrative price movements can be anticipated.

In the end, the silver market continues to navigate through volatility, presenting both challenges and opportunities for traders. Tuesday’s minor setback should be viewed in perspective, as silver remains within the range defined by the 50% Fibonacci retracement level, the 50-Day EMA, and the 200-Day EMA. Patience is advised, as a significant market move appears to be on the horizon. Caution should be exercised in position sizing, considering the noise and complexity surrounding silver’s role as both a precious and industrial metal.

SilverReady to trade our Forex daily forecast? We’ve shortlisted the top forex brokers in the industry for you.

Leave a Reply

Your email address will not be published. Required fields are marked *

YourOwnBrokerage is a leading Technology & Business Consulting firm with a specialized focus in Fintech industry.


RISK WARNING: Trading products are highly speculative in nature and carries a significant level of risk which may not be suitable for all investors. Please ensure you fully understand the risks involved and only invest money you can afford to lose. Seek advice from an independent adviser if at all unsure as to the suitability of investing in such instruments.


The content of this website must not be construed as personal advice. We recommend that you seek advice from an independent financial advisor.


The information on this website is not directed to residents of certain jurisdictions where such distribution or use would be contrary to local law or regulation.



© 2009 - 2024 YourOwnBrokerage.com. All Rights Reserved.