Baxia Markets
November 20, 2021

Silver retraces to $24.6

technical analysis top header -01

The precious metal had a solid rally during the last weeks, and although it's finding pullbacks along the way, we expect the upward trend to continue in the short to mid-term. The price continues trading above the short and long-term moving averages, indicating that the uptrend would continue, the current retracement will allow the pair to come back stronger.


The Bollinger bands are wide, the price was trading above the upper band which suggested that the price was relatively high, the current pullback will allow the commodity to continue its rally. We could see the price fall to the support level at our 38.2% Fibonacci retracement of 24.233.


Silver Nov 17th 2021

The relative strength index is currently at 55%, recovering from an overbought status, which is one of the reasons why we see a retracement, now that the RSI is at a more neutral position, the uptrend could resume.


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.


Back to Education Center →  


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