Silver Today 24/6: Massive And Volatile Swings (Video)
Date
6/24/2024 7:21:17 AM
(MENAFN- Daily Forex)
The silver market plunged during the trading session on Friday as PMI numbers in both the manufacturing and services sector have come out hotter than anticipated. Wall Street had to grasp the idea that inflation is still here.
I don't see why that was a surprise, but at this point in time, the market seemed to be surprised by it.
Stabilization is Worth Paying Attention to
Since then, we have seen the market kind of stabilize, but all things being equal, the real question is going to be whether or not we can retake the $30 level. The $30 level, of course, is a large round psychologically significant figure, and if we can break above there, meaning to close above there on a daily chart, that would be a major victory and a sign that there is still plenty of buying pressure underneath. If not, then we have to look at the 50 day EMA underneath as a potential support level and then eventually the $28.50 level underneath.
Top Forex Brokers
1 Get Started 74% of retail CFD accounts lose money
The $28.50 level for me is the short term floor and therefore I think you have to look at this through the prism of a market that continues to see a lot of noisy behavior, but we do continue to see plenty of people willing to step in and pick up silver. Yes, it's volatile, but really at the end of the day, it's in an uptrend and we have to keep that in the back of our mind.
If we can recapture the $30 level, it's possible that we could go looking to the $32 level, but at this point in time, you need to see a little bit of momentum to start jumping in. I don't necessarily want to short this market, but I'm not quite ready to buy it. I want to see some type of bounce and momentum to the upside to really kind of get things going. At that point in time, I think we could see a lot of“FOMO trading”, which we see in silver quite often.
Ready to trade our daily Forex forecast? Here's a list of some of the Top Silver Trading Brokers to choose from.
MENAFN24062024000131011023ID1108365243
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.