I expect the overall trend to be neutral with a downward tendency. Falling peaks and troughs are not appealing to me. Prices have been confined between $77 and $81 after a 3% decline, and if they stay below $79.42, downside pressure will increase. The short-term forecast shows a decline to $70.96, but the supply deficit remains supportive in the long term... If the $75 support holds, a recovery is likely; if broken, a move down to $70 is probable. Gold correlation and industrial demand will continue to be the main supports. #Gümüş #Silver #XAGUSD
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What will Silver do next week?
I expect the overall trend to be neutral with a downward tendency. Falling peaks and troughs are not appealing to me.
Prices have been confined between $77 and $81 after a 3% decline, and if they stay below $79.42, downside pressure will increase. The short-term forecast shows a decline to $70.96, but the supply deficit remains supportive in the long term...
If the $75 support holds, a recovery is likely; if broken, a move down to $70 is probable. Gold correlation and industrial demand will continue to be the main supports.
#Gümüş #Silver #XAGUSD