Comprehensive Analysis of Silver and Buying Opportunities
🟢Silver has shown a significant uptrend following the global rise in gold prices, breaking one of its major resistance levels on the weekly timeframe.
🔸 Key Points:
1. Correlation with Gold:
- General Correlation: Both precious metals typically move in tandem.
- Increased Demand for Silver: As gold prices soar, silver demand also rises.
🔸From a technical perspective, silver is currently within an ascending channel and has found support at strong levels.
🔸 Support Levels:
- Static Support at $29.6:
- Fibonacci Retracement Levels: 50% and 61.8% retracement levels.
- Channel Floor: Forms a robust support zone.
You can consider laddered buying at these points and anticipate higher levels. Remember to practice risk management in your laddered buying strategies. 📈
What are your thoughts on silver's potential? Share your insights and let's discuss! Don't forget to like and share this analysis if you found it useful. 🚀💬
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💥 Don’t Miss Out!
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🏆 Best Crypto Exchange: bit.ly/tcpbit
🤵 Business Contact: Tradecityproteam@gmail.com
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🏆 Best Crypto Exchange: bit.ly/tcpbit
🤵 Business Contact: Tradecityproteam@gmail.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.