Silver retreated slightly yesterday, hitting the $ 24 resistance barrier. If the precious metal overcomes this obstacle, it will head towards the $ 25 area. The further trajectory of the silver price will be heavily influenced by the DXY, as precious metals, and especially silver, known for its increased volatility, are highly dependent on the value of the US dollar.
The 50-day EMA moves down to the 200-day, intending to form a “cross of death”, which signifies a long-term sell signal. The $ 23 line remains the main support level, and if it is broken, silver will drop to the $ 20 level – a large, round, psychologically important number that will attract some attention from players. In this situation, the precious metal will be in the spotlight, and buyers may pour into the market, as the asset will become “cheap”. If it falls below the $ 20 value, it will collapse.
Confident arguments in favor of strengthening the market can only be made when the silver metal surpasses the $ 25 mark. At this point, he can go to the $ 28 price point.