Hi Traders!
Silver continues to trade in the range zone as it cannot break above the 23.765 resistance area.
Price Action 📊
The current price action looks bearish. Market highs and lows have started to become lower due to numerous price rejections around the 23.765 level. The market also recently broke and closed below the 20 EMA, and there are opportunities to use the EMA as a focus point to sell rallies.
Fundamental Analysis 📰
Ultimately, precious metals in general got hit this week, as the US dollar has rebounded quite a bit. Additionally, interest rates in America are picking up, which has offered a bit of a reason for investors and speculators to start selling precious metals.
Support 📉
22.292: PREVIOUS DAY'S LOW
20.678: 4 WEEK LOW
Resistance 📈
22.838: PREVIOUS DAY'S HIGH
23.765: RANGE ZONE RESISTANCE
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
Silver continues to trade in the range zone as it cannot break above the 23.765 resistance area.
Price Action 📊
The current price action looks bearish. Market highs and lows have started to become lower due to numerous price rejections around the 23.765 level. The market also recently broke and closed below the 20 EMA, and there are opportunities to use the EMA as a focus point to sell rallies.
Fundamental Analysis 📰
Ultimately, precious metals in general got hit this week, as the US dollar has rebounded quite a bit. Additionally, interest rates in America are picking up, which has offered a bit of a reason for investors and speculators to start selling precious metals.
Support 📉
22.292: PREVIOUS DAY'S LOW
20.678: 4 WEEK LOW
Resistance 📈
22.838: PREVIOUS DAY'S HIGH
23.765: RANGE ZONE RESISTANCE
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.