On the upside, the market may extend its gains to approach the $25 level and then reach $26.

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The Silver market saw a slight recovery in Monday’s trading session and broke above the 200-day exponential moving average. The market has been consolidating for quite some time now, suggesting that a decision will be made soon. However, it is important to note that Tuesday is Independence Day in the United States, which may lead to a significant drop in liquidity and thin electronic trading during limited hours.

If silver breaks above the $23.25 level, futures market will likely target the $24 level. Historically, the $24 level has proven to be an important area of ‚Äč‚Äčinterest on many occasions, making it an attractive target for traders. Conversely, if there is a reversal, silver could fall to the $22.50 level, which has acted as a support level in the past. In this period of consolidation, it is crucial to evaluate the market’s next move as it has the potential to result in a significant uptrend or downtrend.

On the upside, the market may extend its gains to approach the $25 level and then reach $26. Conversely, a break below the $22.50 level would shift focus to the $22 level. If this level is exceeded, the market could fall to the $20 level. The $20 level has significance as a psychologically important round number and previous bounce zone. It is important to note that the silver market can exhibit occasional volatility with subsequent substantial movements. Moreover, it is worth noting that the recent candlesticks showed negative momentum, indicating the need for careful observation.

It is also worth keeping a close eye on the performance of the US dollar as it usually shares a negative correlation with silver. Understanding the dynamics between these two assets can provide valuable insights for traders looking to successfully navigate the silver market.

At the end, silver’s recent rally and break above 200 day EMA they indicate signs of recovery in the midst of a period of consolidation. While the market may face limited trading hours and reduced liquidity due to US Independence Day, key monitoring levels include $23.25 upside and $22.50 downside. A successful breakout of these levels could lead to further price moves towards the $24 and $20 levels, respectively. Traders should remain vigilant and consider the potential impact of the US dollar on silver’s performance.

  • Keep in mind that Tuesday will be very illiquid.
  • However, on a break above the $23.25 level (daily close), I will buy again and aim for $25.
  • The stop would be at $22.50.

Silver price signal

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