Silver, which has been in a strong uptrend for most of the year, recently underwent a significant correction, dropping nearly 20% just a few weeks ago. This sharp pullback attracted new buyers, as the oversold conditions presented an appealing opportunity. Their buying activity has since driven prices higher, signaling a resurgence in bullish momentum.
On the way back up, Silver experienced a minor pullback, yet key support was maintained at the 50% Fibonacci retracement level. This strong defense of support reinforced market confidence and laid the groundwork for further gains. Adding to the optimism, a classic bullish indicator, the Golden Cross, has emerged. This occurs when the 20 MA crosses above the 60 MA, signaling the likelihood of continued upward movement.
Looking ahead, $32 appears to be a reasonable short-term price target for Silver. With bullish momentum confirmed and technical indicators aligning, traders may see further strength as Silver capitalizes on its long-term trend.
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