(MENAFN- Daily Forex) silver , like many other assets, is heavily influenced by macroeconomic factors, especially those related to the US dollar, interest rates, and economic growth. This makes it difficult to trade, especially during times of uncertainty such as during the FOMC meeting that we are approaching on Wednesday. As we approach this meeting, many traders will be cautious about putting money into the market, resulting in relatively quiet trading sessions for silver.
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we've got you covered! get started! Silver is more challenging to trade than gold because it is not just a precious metal but is also industrially driven. When there are issues with industry and growth slows down, silver typically underperforms gold. However, as there are so many moving pieces in the market, it is challenging to be deliberate with silver trading now.The 50-Day ema serves as a short-term support level for silver, with the 200-Day EMA offering significant support just below that level. Above the 50-Day EMA sits the $23 level, which will likely cause some psychology to enter the market due to its large, round, and psychologically significant effect. If the market manages to break through this level, it could race towards the $24 level, re-entering the massive cluster of trading seen a few months ago. Keep Your Position Size ReasonableGiven the potential for volatility , it is crucial to keep position size reasonable when trading silver. The move is expected to be highly volatile and may shake out many traders. By keeping position size smaller than usual, traders can ride the volatility and get involved in the bigger move without causing significant damage to their accounts. At the end of the day, silver trading can be challenging due to its industrial nature and the impact of macroeconomic factors. As we approach the FOMC meeting, traders will likely be cautious about putting money into the market, resulting in relatively a quiet trading session for silver. It is crucial to pay attention to support and resistance levels, as well as to keep position size reasonable to avoid significant damage to trading accounts. Overall, trading silver requires patience, diligence, and careful consideration of market conditions. This of course won't be any different as we approach such a major announcement, and of course, we have so many different people out there looking to trying to guess ahead of time, a lot of people will lose a lot of money. Your job is to make sure that you are not one of them.forex daily forecast ? We've shortlisted the best forex brokers in the industry for you.
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