Silver Price Analysis: Navigating Continued Market Turbulence
Understanding Silver Price Dynamics Amid Limited Trading
Silver fell significantly in the early hours on Monday, breaking the critical $28.50 level in the spot market. This occurred during a period of limited trading due to Labor Day in the US and Canada, meaning that volume in overnight electronic trading was substantially reduced. We won't have a full measure of the market's direction until Chicago opens on Tuesday.
Key Levels to Watch for Silver
The $28.50 level has proven essential multiple times. Additionally, the top of the day's candlestick aligns with the 50-day EMA, signaling a pivotal area for traders. A break above this moving average could indicate the silver market's aim towards the $30 level.
- Watch for significant resistance around $30 if silver edges higher.
- If prices fall below Monday's session lows, it could signal a decline towards the 200-day EMA, around the $27.25 mark.
The market is expected to remain choppy, influenced by various external factors, especially movements in the US dollar.
Monitor Economic Events Affecting the Silver Market
For insights on economic events impacting silver prices, consult your economic calendar.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.