Silver Prices Poised for Bullish Rise as Key Indicators Align
Hello there,
Technical Outlook:
Silver prices have been hovering above the 29.982 mark, and need a close watch over the RSI for signs of a potential bullish trend. If the silver price manages to pull above the RSI moving average and surpass the 50 level, it could signal a proper bullish rise soon.
The current market conditions have also challenged the Elliott Wave theory's fourth wave, which suggests that the price may be consolidating before a potential upward move. The 72-day exponential moving average (72 DEMA) is another key indicator that suggests an overall bearish market, so it's a high-risk setup.
Fundamental Summary:
Happy Trading,
K.
Technical Outlook:
Silver prices have been hovering above the 29.982 mark, and need a close watch over the RSI for signs of a potential bullish trend. If the silver price manages to pull above the RSI moving average and surpass the 50 level, it could signal a proper bullish rise soon.
The current market conditions have also challenged the Elliott Wave theory's fourth wave, which suggests that the price may be consolidating before a potential upward move. The 72-day exponential moving average (72 DEMA) is another key indicator that suggests an overall bearish market, so it's a high-risk setup.
Fundamental Summary:
- Silver prices are up 1.5% to $30.58 per ounce.
- The outlook for silver is uncertain due to the Federal Reserve's plans to raise interest rates.
- The US economy is looking strong, which could affect silver prices.
- Investors are watching the US dollar and a key economic indicator called durable goods orders.
- The overall outlook is uncertain, but silver prices are currently up 20% since the start of the year
Happy Trading,
K.
Trade closed: target reached