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Silver Markets Linger at Same Price


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The silver markets rallied during the trading sessions recently. However, the precious white metal gave back the gains rather quickly above the $20 level. Currently, the yields are hovering with the level set around $28.

The market constantly needs to consider the facets, including industrial demand and what is going on with the US dollar. The aspect is significant to the market to counter what the dollars are doing under most circumstances. Thus, if the US dollar searches for the fall, it could make sense that the precious white metal would get a bid. Furthermore, silver traders are looking at the market through the lens of the reopening trade and increased industrial demand.

It is important to note that the overall industrial demand should pick up as companies and economies globally continue to reopen. However, experts observe that there seems to be a lot of massive resistance between $28 and $30 that is difficult to break above.

Recently, during Memorial Day, the markets were only open for a few hours. Plus, experts cite there is an uptrend, and because of this, the dips will continue to be there. Plus, the 50-day EMA, which currently sits just below the $27 level, will also attract a certain amount of attention.

Against this backdrop, one can take advantage of the overall uptrend. Furthermore, one must recognize that pullbacks at this point will be thought of as value, and one can take advantage of this facet and find a deal in such scenarios.



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