Silver market's bearish trend
As a precious metal, Silver is widely used in the production of jewelry, silverware, and electronics. Its value is also affected by its demand in the industrial sector, as it is used in various manufacturing processes. The price of silver is subject to fluctuations, influenced by various factors such as supply and demand, global economic conditions, and geopolitical tensions.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The silver market experienced a bearish trend on the 23rd of February, and this trend is still ongoing. The price line broke below a strong support zone, which is now considered a resistance zone. This zone is proving to be a formidable barrier, as the price is currently undergoing a retest through a bullish leg. However, the market sentiment remains negative, and it is expected that the price will continue its bearish phase. This is mainly due to the negative divergence shown by the Relative Strength Index (RSI), as well as the bearish candle patterns observed on the resistance zone. Traders are advised to exercise caution and consider short positions to capitalize on the bearish trend. The silver price is being closely monitored by investors, and any significant price movements could signal a change in market sentiment.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.