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Potential signal: If silver can stay above $24.50 for more than an hour – I am buying with a stop at the $23.80 level, and aiming for $25.57 above.

  • During Thursday’s trading session, the silver markets first declined, but they later recovered and began to show signs of life as buyers continued to hunt for value.
  • With the nonfarm payroll report due on Friday, I believe that the current level of volatility in silver will only continue going forward.
  • After all, this is what the market is known for most of the time.

Silver Forex Signal Today 08/03: Finding Buyers (Graph)During Thursday’s trading session, silver first slightly declined before turning around and demonstrating buying pressure once more. Although I believe there will be a lot of noise in this market going forward, you also need to consider whether or not we can break above the $24.50 mark. When we get there, pay special attention to that area since it has proven to be significant on several occasions.

Given that it has historically provided strong resistance, the $24.50 level is one that many traders will be closely monitoring. It is probable that the market will surge higher and aim for the $26 level, which has historically been a notable swing high on longer-term charts, if we are able to break above that level.

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I think buying dips is a good idea. Finding a value is definitely preferable to chasing it. Having said that, we also need to view this through the lens of a market that raises questions about its ability to hold onto gains if we were to see a breakdown below the $23.50 mark. The 50-day EMA will have to be dealt with as possible support for anything below that point, but the 200-day EMA is also located in that same neighborhood. Therefore, I believe that the drawback is probably not as great. And as of right now, I continue to see this as a perfect opportunity to buy on the dip. However, I also understand that silver is extremely susceptible to US interest rates. Naturally, the jobs number on Friday will most likely blow those out of the water. Having said that, I am still bullish and would rather find a way to profit from a dip of some kind.

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