Silver Gets Hammered Initially, but Shows Signs of Life XAGUSD silverprice silvertrading
Overnight, the US dollar rallied significantly against several currencies, exerting downward pressure on silver. However, the 200-Day Exponential Moving Average, located near the $23 level, is expected to offer substantial support. As long as we remain above this level, we are technically still in an uptrend. It's also worth noting that we are near the 50% Fibonacci level, which should provide additional support.
All things considered, silver is currently in the phase of determining its next move, and the 200-Day EMA will be a crucial indicator that many will be closely monitoring. In conclusion, silver's significant drop during Thursday's trading session reflects the ongoing market volatility and the impact of the Federal Reserve's more hawkish stance.
Despite the downward pressure, technical indicators such as the 200-Day EMA and the 50% Fibonacci level are expected to offer substantial support. However, the market's future trajectory will depend on a variety of factors, including the performance of the US dollar and market sentiment.
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