The precious metal has been bleeding non-stop since June 2021; it showed some signs of potential recovery; however, the commodity has not been able to reverse the downtrend.
From a technical analysis point of view, the price just hit bottom as the relative strength index is currently oversold at 28%. The price trades closer to the lower Bollinger band, suggesting that the price is very low. Some investors might want to buy the potential dip, which would help Silver get out of its current hole.
The Bollinger bands are wide, and volatility should be higher; the bands are opening up aggressively, particularly the lower band; this often suggests a downward trend, but could this be the bottom?
We can't tell for sure, but Silver could see the light at the end of the tunnel very soon based on our technical indicators.
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.
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.