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 level. Ultimately, this is a market that I think, if and when it bounces, it gives us an opportunity perhaps to start buying, but we need to see the $60 level prove itself as massive support. If we were to break down below the $60 level, it could open up a move down to the $50 level, but right now, I think you’re probably more likely than not to see a short-term bounce.
The real question is going to be whether or not we can break above the $70 level, because if we can, that could send this market to the upside. Ultimately, expect a lot of volatility and be cautious with your position sizing, as it could get very messy in the short term out there. Headline risks and interest rates will continue to play a part in this market as well.
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TradingKey - Recently, silver prices ( XAGUSD) after once again touching the vicinity of $62.00, continued to rebound driven by expectations of US-Iran peace talks,...
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