This week’s article focuses on Silver. From March to May, Silver experienced a significant rally, gaining over 30%. However, since its peak in May, it has retraced by about 15%.
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When examining a long-term chart dating back to 2020, we can identify two parallel trend lines that have consistently acted as resistance for Silver’s price.
In April of this year, Silver managed to break above these trend lines, initiating a strong bullish trend. Now, as Silver has been pulling back in recent weeks, it has reached a critical point where it is testing these previously broken trend lines. This area is expected to provide substantial support, potentially offering a valuable buying opportunity. However, it is crucial for subscribers to follow our risk management strategies to safeguard against losses should these support zones fail. Follow us for updates and guidance on navigating Silver.
The world of finance is complex and includes many technical terms. For explanations of these terms, I recommend using the Investopedia dictionary.
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