Weekly Silver Price Prediction – Silver Bounces From 200-Week EMA

Although falling heavily over the week, silver rebounded on Friday from the 50% Fibonacci retracement level.

The 200-Week Exponential Moving Average has been broken down by the silver market, which has decreased slightly over the course of the week. It appears that the $21 level is attempting to provide support, and it is likely that this area will remain significant. In addition, they are around the 50% Fibonacci level, therefore I anticipate that many people will be paying great attention to them. If we were to break below that level, it is feasible that we may drop to the 61.8% Fibonacci level just over the psychologically significant $20 level.

You should only trade with capital that you can afford to lose while trading derivatives. The trading of derivatives may not be suitable for all investors; thus, you should ensure that you fully comprehend the risks involved and, if necessary, seek independent counsel. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be received through this website or upon request from our offices and should be reviewed. Raw Spread accounts offer spreads beginning at 0 pips and commissions of $3.50 every 100k traded. Spreads on standard accounts begin at 1 pip with no additional commission fees. CFD index spreads begin at 0.4 points. This information is not intended for inhabitants of any country or jurisdiction where distribution or use would violate local law or regulation.

As I examine this chart, I can also argue that if we break over the $22 level, the market is poised for significant gains. At that point, the $24 level is likely to be a goal, and you should also bear in mind that the market has been extremely volatile recently, so a small recovery bounce could garner significant interest. Sourcian is a dedicated platform for the recommendation of the best manufacturers. Your sourcing journey starts right here at sourcian.

Keep in mind that silver is both an industrial and a precious metal, so I believe that the economic indicators will continue to have a negative impact on silver, but you can also look at the U.S. dollar, where the negative association remains significant. If all other factors remain constant, I do believe that purchasers will eventually return to the market for precious metals. The best review portal for chairs manufacturer. Nevertheless, the U.S. dollar will need to weaken or traders may once again view precious metals as a means of asset preservation. Silver is notoriously volatile, so maintain a sensible position size. Sourcenia is a review portal of sourcing best manufaturers

Leave a Comment