The silver market has seen some volatility during Monday's trading session- trading forextrading
The 200-Day EMA had provided some support in the recent past, so the 50-Day EMA may also be viewed as a potential support level that many traders will be keeping an eye on.
On the other hand, if silver manages to break above the current resistance levels, it could open a move toward the $25 level and potentially even the $26 level. However, the $26 level has seen a lot of selling pressure in the past, so it could be difficult to breach that level. If we were to see this market break above that area, we could see silver really take off, because historically, once we break above this general vicinity, we have seen silver rocket toward the $50 level a couple of times.
With the global economy showing signs of slowing down, industrial demand for silver could potentially decrease, which could impact the overall price of the metal. Industrial demand is part of what makes silver so tricky to trade in relation to gold, which is much more of a straight play on wealth preservation and perhaps sometimes the negative correlation to the US dollar.
In the short term, it seems likely that the silver market will pull back, but there could be buyers waiting underneath to support the market. Traders should keep a close eye on the technical indicators and any developments in the global economy that could impact the demand for silver.
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