White precious metals markets have gone back and forth during the trading sessions recently, with the $25 level offering a bit of support.
The silver markets exhibited a certain amount of stability, which is urgently needed in the market. It initially broke down below to reach down towards the $24 level, before bouncing again. It also rallied around $26.01 point. Experts highlight that value hunters are starting to step in slowly, which may have avoided a major upheaval. With the area facing choppy trading in the past, it is not a huge surprise to see it bouncing back.
Furthermore, to the downside, the $22 level should be supportive. With the 50 days EMA in the
same general vicinity, it is expected that there would be a lot of support at the $20 level. With the scene of a major breakout, a significant amount of market memory could just be waiting to happen.
When looking at the upside, the market could look towards the $28 level or even the $30 level.
Moreover, it looks as if the 50% Fibonacci retracement level has been touched from the move
In the backdrop, it would make sense to see buyers jump in and in this general vicinity. White precious metal followers can count on a significant amount of volatility over anything else.