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    Baxia Markets
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    March 10, 2022

    Silver loses 2.25% after reaching 8 month high

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    The precious metal started a rally on February 4th, during that time, the pair has managed to increase more than 15% to the current price level. Silver broke four resistance levels from the Fibonacci retracement, so far it has been able to hold on three.

     

    The Bollinger bands are opening up aggressively as more investors are long on this pair, looking for alternative investments to the equity, commodity, and forex markets. The price traded above the upper band, suggesting it was relatively high which helped the pair stabilize in addition to the Oil markets dropping.

     

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    The relative strength index is at 67% just below the overbought status that it kept for six trading sessions, the price is likely to find support at $25.095 in case it continues to fall, there is much uncertainty in the markets right now and any fundamental events can trigger volatility and spike the price. The short and long term moving averages gap continues expanding with the rally

     

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