Silver Prices Are Trying To Carve Out a Short-Term Low
by
DailyFX News
Talking Points The overall trend is bullish above the March 16 low of $15.21 and bearish below it. The ...
Talking Points
The overall trend is bullish above the March 16 low of $15.21 and bearish below it.
The next resistance in line and potential target for bullish traders is last week’s high of $16.18.
The technical outlook from Friday still stands.
On Friday we stated that the overall trend is bullish above the March 16 low of $15.21 and traders may see a pullback to the $15.57 - $15.81 range as an opportunity to add to their bullish exposure. Today we are seeing signs of this scenario playing out.
The $15.57 - $15.81 range was derived using the Fibonacci retracement tool with the March 16 low of $15.21 and the March 18 high of $16.16 both used as reference points. A low in this area makes sense as the price is neutral in relation to the bullish trend in this zone and on Friday price was overbought in relation to its trend.
Last week’s high of $16.16 is the next resistance level in line and the potential target for bullish traders.
At this stage we suspect that price needs to break the March 16 low of $15.21 for traders to abandon their bullish view. On a break to this level, bearish traders may also step in, as a breach to the March 16 low of $15.21 may open the door for a decline to the March 3 low of $14.87.
The overall trend is bullish above the March 16 low of $15.21 and bearish below it.
The next resistance in line and potential target for bullish traders is last week’s high of $16.18.
The technical outlook from Friday still stands.
On Friday we stated that the overall trend is bullish above the March 16 low of $15.21 and traders may see a pullback to the $15.57 - $15.81 range as an opportunity to add to their bullish exposure. Today we are seeing signs of this scenario playing out.
The $15.57 - $15.81 range was derived using the Fibonacci retracement tool with the March 16 low of $15.21 and the March 18 high of $16.16 both used as reference points. A low in this area makes sense as the price is neutral in relation to the bullish trend in this zone and on Friday price was overbought in relation to its trend.
Last week’s high of $16.16 is the next resistance level in line and the potential target for bullish traders.
At this stage we suspect that price needs to break the March 16 low of $15.21 for traders to abandon their bullish view. On a break to this level, bearish traders may also step in, as a breach to the March 16 low of $15.21 may open the door for a decline to the March 3 low of $14.87.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
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Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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