Silver's Wild Ride: From $86 Peak to Corrective Consolidation - What Traders Need to Know Now Titelbild

Silver's Wild Ride: From $86 Peak to Corrective Consolidation - What Traders Need to Know Now

Silver's Wild Ride: From $86 Peak to Corrective Consolidation - What Traders Need to Know Now

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This is your Daily Silver Price Tracker with Vanessa Clark podcast.

Hey everyone, welcome back to Daily Silver Price Tracker. I'm Vanessa Clark, and today we're diving into what's happening in the silver market right now, because it has been quite the rollercoaster.

So let's start with where silver is trading today. According to FXStreet data, silver is currently trading at 74.76 dollars per troy ounce, down about 2.33 percent from yesterday when it closed at 76.55. But here's where it gets interesting. Other sources are reporting slightly different numbers, with some showing silver around 73 to 75 dollars, which tells us the market is pretty volatile right now.

Now, silver has been on quite a journey. Just a few weeks ago, we saw it spike all the way up to around 86 dollars, and even higher in some reports. But then things came crashing down hard. We're talking a 20 percent monthly correction, which has shaken up a lot of traders. The industry is calling this a corrective consolidation phase, meaning the market is trying to figure out where it actually wants to be.

What's driving all this movement? Well, according to market analysts at Saxo Bank, a lot of the recent rally was speculative in nature. When silver jumped from 50 dollars to 100 dollars in just two months, that wasn't purely driven by real demand. Some traders and investors were piling in hoping to catch the next big move, and when the momentum shifted, we saw swift liquidation.

The current support level everyone is watching is around 70 to 74 dollars. Think of this as the floor where buyers might step back in. Above that, resistance is at 80 dollars, and if we break through that, we could see a move toward 85.

One thing that's worth noting is that silver prices are influenced by several factors. The strength of the US dollar matters a lot because silver is priced in dollars. We're also watching interest rates closely, because as a yieldless asset, silver tends to rise when rates fall. Plus, there's the gold to silver ratio, which was at 65.82 today, up slightly from 65.20 yesterday. This helps investors understand whether silver is relatively expensive or cheap compared to gold.

For those thinking about where this goes from here, analysts suggest we're probably in a range bound market for a while, somewhere between 70 on the low end and 90 on the high end. So if you're a short term trader, you might be looking at quick moves within that range rather than a big directional breakout.

The big takeaway is that silver is catching its breath after an explosive move up. The physical demand question is still being debated, especially with some concerns about whether the pricing matches reality in certain industrial sectors.

Thanks so much for tuning into Daily Silver Price Tracker. If you found this helpful, please subscribe and come back tomorrow as we continue to track what's happening with silver prices. Until next time, stay informed and trade smart.

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