Silver prices have faced resistance at key technical levels and failed to break out, amid strengthening U.S. dollar and concerns over industrial demand. With economic data showing signs of improvement and risk appetite increasing, the bearish pressure on silver is likely to continue in the short term.
Silver Market Bearish 📉
Date: May 9, 2024
Asset: Silver (XAG/USD)
Signal Type: Sell
Price: $27.64
Target Price: $24.80
Stop Loss: $28.30
Timeframe: Short-term
Key Levels to Watch:
Resistance: $28.45
Support: $25.20, $24.80,$ 24.58
Risk Disclaimer:
Trading silver involves significant risk, including market volatility and geopolitical uncertainties. Traders should carefully consider their risk tolerance and use appropriate risk management strategies, such as stop-loss orders, to protect their investments.
Silver Market Bearish 📉
Date: May 9, 2024
Asset: Silver (XAG/USD)
Signal Type: Sell
Price: $27.64
Target Price: $24.80
Stop Loss: $28.30
Timeframe: Short-term
Key Levels to Watch:
Resistance: $28.45
Support: $25.20, $24.80,$ 24.58
Risk Disclaimer:
Trading silver involves significant risk, including market volatility and geopolitical uncertainties. Traders should carefully consider their risk tolerance and use appropriate risk management strategies, such as stop-loss orders, to protect their investments.