Is Silver Forming a Basing Pattern? XAGUSD silverprice Commodities tradingtime
has been relatively calm in recent trading sessions, hovering around the 200-day Exponential Moving Average .
If the market can break above the $22 level, it would not only clear the 200-day EMA indicator but also surpass a psychologically significant threshold that many investors will take note of.If the market manages to break through the $22 level, it could gain momentum and move toward the 50-day EMA at $22.67.While it is possible for silver to reach that level, traders should expect to encounter choppy trading behavior along the way.
, it could drop down to the 61.8% Fibonacci level or even the significant $20 level. The $20 level was a significant barrier not long ago, and it may attract substantial attention again. In summary, the silver market is currently in a holding pattern and is likely to experience choppy trading behavior if it breaks above the $22 level. However, if it breaks down belowfrom the Monday session, it could drop down to the $20 level. Traders should be mindful of silver's volatility and maintain modest trading positions.
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