Wednesday’s trading session has been marked by a slight decline in silver prices, as traders remain cautious ahead of the Jackson Hole Symposium.
During Wednesday’s trading session, silver prices plummeted substantially below the $20.00 threshold, breaking significantly below that level.
The silver market attempted to rise to the $20 level, but was met with sufficient selling pressure there to collapse once more.
The silver market has fallen this week, particularly on Friday. Now that we are much below the $20 threshold, it appears that silver has further to fall.
Silver receives offers to reach a new daily high for the first time in three days. Before the weekly resistance line and the critical SMA confluence, the monthly horizontal resistance area pushes buyers. MACD and RSI indicate a continuation of the uptrend, while the 78.6 percent Fibonacci retracement level prevents additional losses.
Silver is a rare, valuable metal, and it is vital for several industrial applications. Silver is the best electrical and thermal conductivity of all metals, making it a precious material for electrical purposes. Consequently, more than fifty percent of silver’s demand originates from the industrial sector. Several silver penny stocks are trading for less than $1 per share, and numerous silver mining firms with relatively modest market capitalizations.
As the dollar climbs, silver prices fall. Treasury rates increase as global economic growth slows. As a result of the EU’s decision on the Russian oil embargo, oil prices climbed.