Silver Price Boosted By Decreasing Dollar

By The Private Banker of The Private Banker

Trader • Oct 9, 2020 at 5:58 AM EDT

Silver gained about 3.5% boosted by the weakened dollar against the majors in today’s European trading session.

Silver gained about 3.5% boosted by the weakened dollar against the majors in today’s European trading session. The metals’ price has been balanced for around two weeks with buyers of the daily EMA100 and testing the upper bracket’s high for sellers currently.

The previous week closed with gains after the drop of about 14% in the cash market two weeks ago. This week the market is up 1.6% by buyers around the previous lows. The daily perspective is rotational, therefore traders might lean on the balance extremes to conclude trade scenarios for now. Hourly perspective testing the bracket’s high for sellers currently.

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Disclosure: All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.