If we turn it around and rally here, the 200-day EMA offers resistance just as the $70 level should. If we find ourselves dropping, the $60 level will almost certainly be a significant floor in the market, and I think we have a situation where if we were to break down below there, it’s obvious that the market really unwinds to sell off significantly, as it would be a massive breach of support at that level, and could cause chaos.
Technical Outlook and Key Support Levels
Ultimately, I think we are in the middle of trying to find the bottom here, and we’ll have to see how that plays out. It does make a certain amount of sense that we have a scenario where traders are probably afraid to hold silver into the weekend. And of course, the holiday Juneteenth was on Friday, so the hours that were traded were shorter than usual. With this, I only read so much into the daily candlestick.
If you’d like to know more about how to trade gold and silver, please visit our educational area.
Source link
Technical Analysis and Support Levels But when I look at the technical analysis, I can clearly see that the $60 level is a massive support...
Read moreDetails
