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Silver Analysis

Silver Analysis

The silver market touched almost 70000 during the trading session on Tuesday. The 70000 levels have offered a significant amount of resistance in the past, so it makes sense that we could pull back even further. However, a ton of added market support is down as well. Support starts at the 67000 level, so this pullback can be thought of as an opportunity to buy.

During Tuesday’s trading session, the US dollar strengthened so that it could work against silver in the short term. At this time, the market is moving back and forth against the action of the US dollar, and so it is likely that we will see that traders will pay the most attention than the dollar. After all, even though there may be a concern that people are looking for some form of protection in the form of precious metals, gold generally performs better in that scenario. With the US dollar strengthening, this means that more people than metals are better suited to move to security and treasury markets. This is not to say that the market cannot go higher, and I think it is very clear.

The 20 day EMA is currently sitting at the 67000 level, and so I think it is quite understandable that the area would provide support from a structural and psychological point of view. Even though we have formed a very ugly looking candle during the trading session on Tuesday, the reality is that we have gone back and forth for some time, and candlesticks for the trading session on Tuesday definitely suggest that We can do more.

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About Dwipen Gogoi

Dwipen Gogoi, MBA (IB and IT) and PGDFT from Pune. (Technical Analyst of AliceBlue) I am a You Tuber, Blogger and doing Technical Analysis last 10 years in Stock, Commodity and Forex Market. i am creating various trading strategies for day traders, swing traders, scalp traders.

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