Silver likely to correct in the near term
Silver is currently at the resistance of the 23.6% Fibonacci level of the rise experienced from December 2020 to February 2021. Further it ended in a doji candlestick formation near this resistance zone on 16th February indicating restricted upside potential, RSI is declining, supporting the above observation. It would be prudent to say that silver could decline towards $26.75 and $26.00 while it sustains below $28.25.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.