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    Baxia Markets
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    December 02, 2021

    Silver sinks 12% in two weeks

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    The precious metal has been on a downtrend since November 15th, the price broke three support levels from our Fibonacci retracements at 50%, 38.2% and 23.6% very fast, but we might see a small recovery in the short term.

     

    The relative strength index is now oversold which will likely bring the price up a bit in the short term, the rsi went from one extreme to another in only 13 sessions, we might see the price recover some ground as the price is at a low level and many investors might wanna buy the dip.

     

    Silver Nov 24th 2021

     

    The Bollinger bands are very open, and the price traded below the upper band, suggesting that it is relatively low, now we see a small recovery in the session, and it's likely to continue rising at a very low pace for now.

     

    The parabolic SAR suggests that the price will continue to fall, however we dont believe this is likely to happen as the price is already considered low enough.

     

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