See why silver is dropping to find more support. Will you trade?
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.
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
. 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.
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