Silver has broken below the 33.50 support and is retreating quickly. The main support lies around the 32.95 area, where both the uptrend line and the 38.2% Fibonacci retracement level converge. This zone could potentially offer a buying opportunity, provided the support holds.
However, if Silver breaks below 32.95 and retests it from underneath, it could also present a selling opportunity. In both scenarios, a high risk/reward trade setup with well-placed stops may form.
Caution is advised, as Silver is known for sudden price spikes, especially around key support and resistance levels.
However, if Silver breaks below 32.95 and retests it from underneath, it could also present a selling opportunity. In both scenarios, a high risk/reward trade setup with well-placed stops may form.
Caution is advised, as Silver is known for sudden price spikes, especially around key support and resistance levels.
Trade active
The key 32.95 level is now being tested.
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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.