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Silver: Daily Outlook; July 08, 2021

Silver: Daily Outlook; July 08, 2021

I guess now you all are getting familiar with the Silver too. Today I am putting some more lights into Silver Trading Analysis. As you might have experience that silver prices and gold prices generally trade in tandem and both are inversely correlated with to the value of the U.S. dollar. A stronger U.S. dollar makes each of them less attractive to investors. Silver generally outperforms gold during periods when there is rising inflation as well as robust economic growth because it is also used almost in all type of industrial activities.

Silver price appreciates gradually since the pandemic starts. One reason for silver’s rise in the past year is increasing technology in people’s daily life. For example rise of electric vehicles and a focus on solar power utilize silver in some capacity. As these technologies gain adoption, demand for the silver will automatically increase. New green technologies will play a crucial role in the development of our future and silver is set to be an essential element to that change.

Technical View:

  • Silver enjoys roller coaster movement on Thursday.
  • Today the pair made intraday high at $26.19 and low at $25.86 mark.
  • A day chart as well as H1 chart with triple EMA confirms bearish trend for the time being.
  • A sustained close above $26.18 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below$25.90 on H1 Chart will check further downside supports too.
SUPPORTS RESISTANCES
$25.89 $26.18
$25.83 $26.24
$25.76 $26.31
$25.71 $26.36
$25.67 $26.40

Take a look and do trade wisely!
Good Luck

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