Silver’s Descent: Hunting for Potential Support Amidst Correction

By Tomasz Wisniewski|

Published: April 23 2024, 05:14 GMT+0

Silver’s Descent: Hunting for Potential Support Amidst Correction

In today’s analysis, we’ll delve into the current state of silver, amidst a broader correction phase in precious metals.

As silver undergoes a correction, many traders are questioning the depth of this downturn. The correction gained momentum this week, notably marked by a significant downturn yesterday, despite the local peak established on April 12th. The emergence of a substantial bearish candlestick pattern does little to inspire confidence for buyers.

With the correction underway, attention turns to potential support levels, notably the yellow horizontal line and the black dynamic support. These levels present viable targets for the ongoing bearish correction.

For those considering entering the market, exercising patience may be prudent. Waiting for the price to approach the yellow support area and observing for the formation of bullish signals, such as a hammer or bullish engulfing candlestick pattern, could provide better entry points.

It’s essential to recognize that merely reaching this support level does not guarantee a halt in the downward movement. The prevailing bearish sentiment may persist, suggesting a longer-lasting correction than witnessed yesterday.