Baxia Markets
By
March 16, 2023

Silver continues to find buyers on dips

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Silver markets display signs of profit-taking

During Tuesday's trading session, the silver market displayed signs of profit-taking at the potential resistance barrier of $22. Both the 50-Day EMA and 200-Day EMA indicators are currently being tested, indicating expected volatility and a need for caution. Silver is notoriously volatile under the best of situations, and currently the situation isn’t ideal to say the least.

Silver market

As silver is known to be choppy over the long term, traders must remain vigilant and carefully consider their position sizes. If the market surpasses the $22 level, there may be a lot of noise up to $22.50, with a potential rise to the psychologically significant $23 level. However, the unstable interest rate markets may cause significant fluctuations in the silver market.

 

Volatility could affect Silver markets 

If the market breaks down below the bottom of Tuesday's candlestick, silver could drop to $21 or even $20 levels. The market's future direction will depend on the Federal Reserve's decision regarding monetary policy. Recent uncertainty surrounding the Federal Reserve's commitment to fighting inflation suggests potential volatility in the short term. The markets will continue to move on the latest statements, and unfortunately, rumors.

 

Ultimately, the silver market is expected to remain choppy in the long term. Traders should be cautious and prepared for further market volatility by keeping their position sizes reasonable. The market is likely to be pushed around quite violently, making it essential to exercise care in this environment. While there may be follow-through from the recent market move, it's important to note that the markets are currently fighting the Fed, creating a hazardous situation. Because of this, expect significant short-term moves, and keep your position size reasonable as a result of the increased danger ahead. As things look at the moment, its possible to think that there are buyers every time we drop.Open Live Account  

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. 

 

Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.

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