In general, this market continues to exhibit volatility, but the prevailing upward pressure appears to be the predominant force at play.
It’s important to note that we are approaching the holiday season, a period during which market liquidity typically thins out substantially. In such a context, it is essential to recognize that a lack of momentum may be prevalent in the market over the next week or so. Consequently, any prolonged period of silver’s stability during this time should not be overanalyzed. Overall, pullbacks are expected to create buying opportunities, reinforcing the notion that dips continue to offer attractive entry points. Technical Set UpIn the event of a breakdown below the 50-day EMA, the market may gravitate toward the 200-Day EMA. A move below this level opens up the possibility of a more pronounced selloff. However, it is important to note that such a scenario is not imminent in the short term. It would likely require significant external factors, such as a massive recession, to dampen silver’s demand, given its status as an industrial metal. This distinguishes it from gold, although it often tends to follow similar trends as gold or vice versa. Therefore, it’s prudent to keep a close eye on both metals, irrespective of which one you are trading.In general, this market continues to exhibit , but the prevailing upward pressure appears to be the predominant force at play. Because of this, it is likely to be a difficult market, but I think overall you have to look at this as a market that you should be a buyer of, not a seller. The silver market influences the industrial case as well, so pay attention to whether or not the economy is slowing down. The market is likely to be noisy, so make sure you are very careful with your position sizing, and of course, watch out for liquidity issues.(Click on image to enlarge)
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