![]() Risk Disclaimer: DailyForex will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals and Forex broker reviews. Ready to trade our Forex daily forecast? We’ve shortlisted the best forex broker list for you to check out. As always, investors need to maintain vigilance and be prepared to respond to these shifts in a dynamic and volatile market. The relationship between the 50-Day and 200-Day EMAs, coupled with potential price points of $25 and $23, will likely guide the market's direction. TLDR: the silver market is positioned at a crucial juncture, where the next few days could be decisive in shaping its future trajectory. The market will probably be choppy soon, and therefore you need to be careful. This makes sense, and even though the market is pulling back, it doesn’t mean that we must break down, just that it’s a possibility. ![]() At present, it appears that the bullish momentum witnessed during the week may have been somewhat exhausted. ![]() The upcoming days are expected to offer more clarity on market directions. Choppiness AheadĪlternatively, if we witness an upward momentum, the ascent to the $25 level could be swift and robust. It's important to remember that silver is generally more volatile than gold, so if precious metals begin a downward trend, shorting silver may be a quicker response than shorting gold. Although this is not an immediate likelihood, a sudden influx into the US dollar could potentially incite such a sell-off. In such a downward scenario, the initial target would be the 61.8% Fibonacci retracement level around the $22.30 area, followed by a potential decline to the pivotal and psychologically significant $20 mark. ![]() A drop through the 200-Day EMA could potentially trigger a rapid unraveling of silver prices. The 200-Day EMA appears to be fluctuating, potentially providing a floor for the market. A break below the lower end of the Friday candlestick could precipitate a fall towards the $23 mark, roughly where the 200-Day EMA currently hovers. ![]()
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