Technical Analysis Post

Will Silver Bounce Back?

| 24 January, 2021 at 09:13 GMT

Among other precious metals, silver prices tumbled today as a stronger dollar put pressure on metals. Specifically, silver plunged -4.11% to $22.15 per Troy ounce.

As silver has lost quite some steam, we think that this corrective move could change direction any time. XAGUSD  might see another run higher after this massive correction, so we would like to trade it with a wide stop loss. We bought XAGUSD at 22.26 with SL at 18.50 and TP at 33.90