Silver is gradually recovering today after yesterday’s biggest crash in many years, during which prices plunged from nearly $84 per ounce to around $70.5. The metal is now trading near $74, while the hourly RSI has climbed above 50, suggesting that short-term selling pressure may be fading. Price is consolidating between the 23.6% and 38.2% Fibonacci retracement levels of the latest upswing.
A move back above $75.6 could open the way toward $78 per ounce, where important price reactions have previously appeared. Silver is currently trading roughly at the 50-session exponential moving average (orange line), highlighting that a reaction around this level could increase volatility in either direction. On the downside, a drop below $73 would likely signal another attempt to retest the $70 area.
Source: xStation5
The material on this page does not constitute financial advice and does not take into account your level of understanding, investment objectives, financial situation or any other specific needs. All information provided, including opinions, market research, mathematical results and technical analyzes published on the Website or transmitted To you by other means, it is provided for information purposes only and should in no way be construed as an offer or solicitation for a transaction in any financial instrument, nor should the information provided be construed as advice of a legal or financial nature on which any investment decisions you make should be based exclusively To your level of understanding, investment objectives, financial situation, or other specific needs, any decision to act on the information published on the Website or sent to you by other means is entirely at your own risk if you In doubt or unsure about your understanding of a particular product, instrument, service or transaction, you should seek professional or legal advice before trading. Investing in CFDs carries a high level of risk, as they are leveraged products and have small movements Often the market can result in much larger movements in the value of your investment, and this can work against you or in your favor. Please ensure you fully understand the risks involved, taking into account investments objectives and level of experience, before trading and, if necessary, seek independent advice.
