Baxia Markets
May 20, 2021

Pullback In Silver, How Far Down Will It Go?

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Silver has been on an uptrend since March 31st 2021. It has found 5 pullbacks since then, however, the general trend continues to be upward. The price broke the support level at $27.584 but has not been able to complete the breakout. The relative strength index went from 68% to 62% after reaching its highest level in more than three and a half months.


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The price could be considered relatively high as it trades close to the upper Bollinger band. The bands are wide and continuing to open up. This suggests that volatility should be high, if the pair is able to complete the support breakout at the 23.6% retracement we could see the price find support at the next Fibonacci Retracement level found at 38.2% which is at $26.857.



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