Baxia Markets
By
June 24, 2021

Silver lost 8.95% in six trading sessions.

technical analysis top header -01

The precious metal broke four support levels in a very short period. More significantly, it broke the 50% retracement, which often indicates a trend change. The pair has recovered a bit since then, it attempted to break a resistance level, but it did not consolidate.

 

The next problem that silver faces is that if the price manages to break the 50% retracement resistance, it will be inside the Ichimoku cloud, which usually brings uncertainty to traders.

 

Silver June 23rd 2021

 

The Bollinger bands are opening; this will bring higher volatility in the upcoming trading sessions. It is likely for the pair to recover after trading so close to the lower Band. The relative strength index came close to an oversold status; it is recovering and currently at 36%, which will enable the price to start climbing soon.

 

If the price falls below the 61.8% Fibonacci retracement, we could be looking at the beginning of a downtrend for the metal.

 

We love to hear new ideas from traders and want to know what you think! 

 

If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.

 

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. 

 

Subscribe by Email