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Can Silver break its trading range?25/8/2021
Can Silver break its trading range? Silver has rejected prices lower than $21.5 and higher than ~$30.0 for more than a year. What it hasnt done is crossed below its 50-day simple moving average in this time. We might expect a very strong retest of the $21.5 level in the next couple of weeks. Strengthening this proposition is a separation of the alligator bands and not much indication in the way of a reversal of trajectory.To get more news about Silver Price, you can visit wikifx.com official website.   Fundamentally, the impetus could be there for silver to be pushed much lower.   The USD, currently at a ten-month high, has absorbed the restated news that the Fed is likely to slow the pace of asset purchases before years end. Naturally, we might expect the USD to pull back on such information, and as an inverse correlate, Silver to rise.   During the Wednesday US session, after the release of the Fed minutes, the USD index fell from 93.15 to 93.05. However, in early Asian trading, the USD has powered its way up to 93.30. The slight drop on Wednesday could be attributable to the Fed‘s unassertive tone and the presence of some dissenting voices. In any case, Silver isn’t going to be benefitting from a weak USD any time soon. Silver has favoured a position in the lower half of its ranging band. So, an extra significant catalyst will have to present itself to push Silver above $27.0 and, once that hurdle is cleared, onwards to $30.   For one, global demand would have to really pick up. And pick up at a greater rate than that which an average covid recovery could spur.   What Silver needs is the green revolution. Such a proposition is not entirely preposterous.
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