Baxia Markets
October 21, 2021

Silver recovered 13% in 15 sessions

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The precious metal managed to break the resistance level at the 23.6% retracement of $23.167; currently, the commodity trades inside the Ichimoku cloud, which could be interpreted as market uncertainty.

The Bollinger bands are opening up aggressively but not enough for the price to continue moving up; the price trades above the upper band, suggesting that it is relatively high, which could cause a retracement in the short term.


Graph Template - Ale-Oct-21-2021-06-16-32-57-AMThe relative strength index is about to enter an overbought status, which gives us another reason to believe that the price will retrace in the upcoming sessions. The progress that the metal had in the last 15 sessions is just too fast to continue; the pair needs to gather strength to continue the upwards trend.


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