Potential price drop looms for silver/USD
Silver trading in forex is a popular way for investors to gain exposure to the silver market. The price of silver in forex is determined by global supply and demand factors, as well as market speculation and economic conditions.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
After a significant upward trend, the price of silver in USD entered a correction phase that caused the price line to break below a strong support level. Now, the price line is in the process of retesting this broken support level, which could potentially lead to a descending phase. This retest is a critical moment for silver/USD traders, as it could indicate a significant shift in the market. If the price line fails to break back above the support level, it could confirm the potential for a price drop. Traders will be keeping a close eye on the silver/USD price in the coming days to see how this retest plays out.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.