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Daily Analysis By FXGlory
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[QUOTE="FXGlory Ltd, post: 345833, member: 106971"] [URL='https://fxglory.com/2024/04/23/silver-analysis-for-23-04-2024/'][B]SILVER analysis for 23.04.2024[/B][/URL] [B] [ATTACH type="full"]60759[/ATTACH] Time Zone: GMT +2 Time Frame: 4 Hours (H4)[/B] Silver's performance against the US Dollar is heavily swayed by a variety of fundamental factors including industrial demand, mining production, and broader economic indicators that affect the USD. Its unique role as both an industrial commodity and investment asset makes its market movements particularly responsive to technological advancements, economic shifts, and geopolitical events. Presently, the metal is enduring a pronounced downtrend, as seen on the H4 chart, which suggests a strong selling pressure that has pushed the price below the lower Bollinger Band, potentially indicating oversold conditions. Technical indicators paint a bearish picture for SILVER/USD, with the MACD showing continued negative divergence and the RSI deep into oversold territory, hinting at a possible impending reversal if buying interest returns. Current support is pegged at the recent price trough, around the 27.05 level, while resistance forms near the last low at 26.75. Traders are advised to keep an eye on key economic data and market sentiment, and exercise careful risk management, especially in anticipation of a possible trend reversal or further price stabilization. [B]Disclaimer[/B]: This analysis is intended for informational purposes only and should not be construed as financial advice. It is important for individuals to perform their own due diligence before engaging in trading activities. [B]FxGlory 23.04.2024 [ATTACH type="full"]60760[/ATTACH][/B] [/QUOTE]
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