From a technical analysis standpoint, it appears that the Silver market is trying to turn around and move towards the upside.
. This is a positive sign, but it will require enough momentum to break above the 200-Day EMA. If this happens, the market will likely move towards the 50-Day EMA, and possibly even the $23.50 level. However, the recent selloff has been quite brutal, so it is not unexpected to see a bit of choppiness in this area.
Traders should pay close attention to the US dollar, as there is typically a negative correlation between the two assets. However, this does not have to be the case. If the economy is slowing down, it could work against silver. On the other hand, some traders may use it to preserve their wealth, which could support its price. This is part of the problem with silver right now, as there are so many different moving pieces.
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