Analysis

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SILVER
Nov 13, 2024, 7:43 AM GMT
#Commodities

Silver: Price Is Pushing Higher

The Golden Cross pattern, where the 20-day moving average (MA) crosses above the 60-day MA, is a classic bullish signal, indicating a potential shift towards upward momentum and increased buying interest. Currently, the price is undergoing a pullback, testing the region near the 23% Fibonacci retracement level, which often acts as an initial support. However, this correction might not be sufficient for strong buyers. Many traders may look for a deeper retracement for better entry points, particularly around the $30.70 level, aligning with the 38% Fibonacci retracement, or even further down at $30.60, near the 50% Fib level, which could provide a stronger foundation for a rebound. This strategic patience allows for improved risk management and potential for higher returns.

Profit & Loss
Short Term Long Term Net % Gains
+ - + -
0 0.61 USD Pending Pending
-1.90%
Short Term
+ -
0 0.61 USD
Long Term
+ -
Pending Pending
Net % Gains
-1.90%

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