Welcome to Extreme Investor Network, where we strive to provide you with unique insights and valuable information on the Stock Market, trading, and Wall Street. Today, we’ll be discussing the current status of silver and its potential trajectory in the coming days.
As of now, silver continues to signal a developing downtrend, with selling pressure remaining dominant. The failure to break above the 20-Day line and the closes below the 50-Day line are clear indicators of this trend. Keep a close eye on today’s low of 28.96, as a decline below this level could signify weakness and potentially mark the end of the recent bullish retracement.
Looking back at recent price levels, Friday’s low was at 28.77, while Thursday hit a low of 26.68. These levels can serve as additional confirmation of a bearish outlook, especially if there’s a drop below the current retracement low at 28.57. In the event that silver fails to maintain support at these levels, the next target zone could be around the 78.6% Fibonacci retracement at 27.41, followed by 27.0, which was previously a resistance level.
On the flip side, a rise above the 29.73 price level would reflect strength in silver’s performance. This breakout would also push silver back above the 20-Day MA, indicating a potential shift in momentum. Recapturing the 30.14 price level, which was a key peak in 2021, could further solidify a bullish trend. The breakout on May 17 of this year highlighted the significance of this price level, as it saw strong bullish momentum and a solid daily close.
In conclusion, keeping a close watch on these key price levels and indicators could help you navigate the current market conditions and make informed trading decisions. Stay tuned to Extreme Investor Network for more unique insights and expert analysis on the Stock Market and trading.