In the latest twist to the silver market, XAG/USD bears are dominating the trading charts, keeping silver prices below the 200-day Simple Moving Average (SMA) of $30.00, as reported by FXStreet. This pricing trend is influenced by several global market factors, including the US Dollar’s strength, the stock market’s performance, and geopolitical tensions.
As traders analyze these charts, they can’t help but notice a bearish pattern manifesting in the silver market. If the existing bearish market persists, silver prices may struggle to break beyond the 200-day SMA, which currently hovers near the $30.00 mark.
This situation has created a unique scenario in the market, with investors now looking for alternative opportunities until a significant shift or pattern change occurs in the silver market. For serious silver investors and traders, it’s important to stay updated and keep a close eye on global markets, as they can significantly influence silver pricing trends.
Notably, if the strength of the US dollar decreases, it’s very likely that silver prices will surge, turning the tables in favor of the XAG/USD bulls. Until then, bears seem to have the upper hand in the silver trading market. Read More
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