Silver Sticks to gain near daily high around $19, but Elon Sees a Silver Lining.
28 Oct 2022
The Silver futures fell by 1.01% to 19.302, platinum contracts down by 0.32% to 899.10
Gold prices mark above $17000 on Wednesday, remaining after stronger-than-expected US inflation data pointed to more dollar strength in the next week, Copper prices were flat on Wednesday after a drop of over 2% in the prior session
Silver futures remain negative. let us see what are the key supports and resistance levels on silver. Silver breaks the demand zone of $18.23-$18.30. Many investors say this is the right time to invest in silver. The current price of silver futures is 19.142 fell (0.66%).
The world’s largest copper mine Chile’s Escondida supply is tighter because of the strike, prices of copper trended higher over the past few trading sessions, slowing economic growth across the globe, and interest rate keep rising is expected to increase demand and tightness in supply
LONG-TERM TECHNICAL ANALYSIS
This daily chart indicates that silver was trading in a down channel, currently, it is trading below all SMA except MA (5), RSI suggests that the market is in the selling zone which indicates bearishness and MACD is below zero which indicates bearishness.