Silver is currently grappling with a key resistance level of $29.30, indicating a continuous downward trend. Despite bullish attempts to change the tide, the silver market remains bearish. This resistance level has evolved into a barrier that seems insurmountable for traders, maintaining a downward market trend for silver.
Investors eagerly await a positive shift, but a stagnating silver market has postponed this occurrence. Failure to overcome this vital resistance level only intensifies the downward pressure, necessitating a careful strategy for both investors and traders.
Furthermore, the immediate target for silver is set at $28.55. However, if this barrier is breached, it could lead to a further decline to $27.62. Expectations are clear: the bearish wave in the silver market will persist due to increased downward pressure from the EMA50.
Predictions suggest that silver will continue its oscillation between the support level of $28.50 and resistance of $29.45, sustaining the bearish trend. Despite these fluctuations, the bearish trend is expected to remain stable due to global developments.
Persisting bearish trend in silver market
Therefore, it’s critical for investors and speculators to monitor market trends and economic indicators for informed decision-making.
Interestingly, despite the downward trend, silver is on track for significant quarterly increases. The US market showed encouraging results for this commodity in the last two days of the previous week. Thus, while experiencing a recent downward trend, silver has managed to stay on course for considerable quarterly gains. This resilience gives silver a unique dynamic in the volatile commodities market.
Other commodities like gold and wheat have shown positive trends, while Brent oil is stuck at the $86.00 barrier and crude oil fluctuates around the $82.00 level. These conditions could indicate a potential upward trajectory for silver.
Considering the current market volatility, traders are strongly encouraged to reevaluate their strategies urgently. Trends in commodities like silver, gold, Brent oil, crude oil, and wheat can greatly influence each other. A swift strategy reassessment could prevent unnecessary losses and optimize potential gains.
