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SpanishSilver Enjoys Roller Coaster Movement, Faces Key Hurdles at $26.17 to $25.76 mark; July 09, 2021
As silver is one of the precious metal having versatile use in industries, one simply can take the advantage of the volatility keeping in mind the risk baring capacity too. Let me introduce one of the Technical Analysis tool to trade silver is The Gold/Silver Ratio. It is the ratio of gold prices to silver prices. Sometimes silver prices lag behind gold prices. So a change in gold can be predictive of silver. Others look at the highs and lows of the spread to predict a turnaround.
In the beginning of pandemic around March 2020, silver’s volatility was really shocking news for the investors. Immediately after that, silver reversed previous losses and hits highest level since Feb 2013. Today also silver remains well supported around $26.00 marks.
Technical View:
- Silver remains volatile on Friday and touched $25.76 mark during Asian hours.
- Today the pair made intraday high at $26.07 and low at $25.76 mark.
- A day chart as well as H1 chart with triple EMA confirms down trend for the time being.
- A sustained close above $26.05 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below$25.82 on H1 Chart will check further downside supports too.
| SUPPORTS | RESISTANCES |
| $25.76 | $26.18 |
| $25.71 | $26.24 |
| $25.67 | $26.31 |
| $25.52 | $26.36 |
| $25.52 | $26.40 |
Take a look and do trade wisely!
Good Luck
