Silver Market Update

3 ธ.ค.

The silver market is looking quite interesting right now! Here's a breakdown of the key insights:
📊 Daily Chart Highlights:
• Silver is stabilizing above its 200-day moving average at 2918.
• It's also holding steady above the 61.8% retracement of the entire move up from August, located at 2971.
• The daily RSI shows divergence, signalling a loss of downside momentum.
📈 Historical Patterns:
• If we compare this to the last correction (May–September), we see a similar pattern where the market held above its 200-day moving average and 61.8% retracement. History might be repeating itself!
🌥️ Long-Term Perspective:
• The weekly chart looks strong, with the cloud providing support for weekly price movements.
⚖️ Gold/Silver Ratio:
• Signs of failure at the longer-term downtrend (dating back to August 2022) add weight to the bullish outlook.

💡 What This Means:
The combination of technical support levels, momentum indicators, and historical patterns suggests we may be gearing up for a recovery in the silver market.
📌 Watch closely for potential upside movement!

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