The white precious metal market recently tried to rally during the trading session but met too much resistance to continue going higher. With forming the candlestick, essentially post-bearish (gravestone doji), experts suggest that it is time for a pullback.
The huge candlestick recently highlights plenty of bullish pressure, and one may need to at the least digest the recent gains. Plus, the white precious metal market continues to see buyers on dips, and that is probably expected going forward. The $22 level is significant, as it was the bottom of the most recent consolidation area.
It is good to observe how there is a bounce from the 200 day EMA, post-forming a hammer recently. Experts believe on the upside that the market goes looking towards the $26 level. Experts also highlight that it could open up the possibility of a move to the $28 level.
Ultimately, all things being equal, the white precious metal market continues to see buyers on dips with the longer-term trade still to pick up value as it occurs and hold on to the white metal for the longer-term move. Analysts also point out that it appears that there is some type of basing pattern, and therefore there could be a building up for a bigger move. The critical barrier is the $30 level course, and it could operate as a magnet longer-term with central banks around the world continuing to swamp the markets with liquidity.