As widespread pessimism persists, silver prices have experienced a significant decline during Thursday’s trading session. As a result, I believe we are set for a retreat, as we have lost momentum, and that should be good news for those of you who have been waiting to participate. The $23 level below should be significant, and I will be paying great watch to that level to determine if or not buyers rejoin in that vicinity, especially since the 50-day exponential moving average (EMA) is racing toward it.
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As I write this piece, we are at $23.50, which could, at least in principle, offer a little bit of support, but I like the concept of purchasing at even lower levels, as wealth preservation is likely to be a big component in global allocations, so it is important to pay attention. As a result of the ADP numbers being stronger than anticipated and the unemployment claims figures being weaker than expected, the US dollar is experiencing a significant movement in the short term.
In other words, the market is attempting to concentrate on Friday’s employment report and how robust it may be. If they are popular, it is conceivable that people will begin to believe that the Federal Reserve will do what they say. Nevertheless, metals appear to be in excellent shape, and I believe that will remain the case for the majority of the year, but a great downturn gives value that you should consider. This is presumably a tale for the following week.
