Silver Prices Dip: Can Bulls Hold On?
Silver Prices Take a Tumble
Silver is having a rough day, falling for the second day in a row. Prices dipped below the $33.00 mark, hitting a fresh low. Things look pretty bearish right now, and it seems like silver might keep going down.
Technical Indicators Pointing Down
On the technical charts, things aren’t looking great for silver bulls. The 200-period Exponential Moving Average (EMA) on the 4-hour chart, which is currently around $32.60, is acting as a key support level. But oscillators, which measure momentum, are showing weakness and are stuck in negative territory. If silver breaks below this EMA, that could be a signal for more selling to come.
Where Could Silver Go Next?
If silver keeps falling, the next big support level to watch is around $32.10-$32.00. If silver breaks through that, it could head down to $31.70 and then towards $31.55-$31.50. The ultimate goal for the bears might be to push silver below $31.00, which is also the 200-day Simple Moving Average (SMA).
A Glimmer of Hope for Bulls?
But don’t count the bulls out just yet. If silver can manage to break above $33.20, that could attract some buyers. However, there might be some resistance around $33.70. If silver can overcome that level, it could make a run for $34.00 and perhaps even reach $34.30. That would be a significant move and would bring silver to its highest level since last month.
