Silver markets plummeted significantly during Monday’s trading session as the general “risk-off trade” returned to the consciousness of local traders, and of course silver will be due to the fact that it will suffer a significant decline strongly correlated with industrial demand, the U-turn due to the coronavirus variance that is widespread worldwide. Additionally, we have stalled economies due to concerns about the Delta variant and as a result many traders will be very cautious.
SILVER Video 7/20/21
That being said, there is still an uptrend line to watch out for and of course the $ 25 mark. The $ 25 mark below is a big, round, psychologically significant number that many people will pay close attention to. If we break down there, I think there will be significant selling pressure in this market, possibly a downward move towards the $ 20 mark, including a large, round, psychologically significant number.
In all fairness, that would be a big sell-off that would come with a big “risk-off trade” around the world. It wouldn’t just be the silver market; there would be several other markets selling out at the same time. In addition, you need to pay attention to the US dollar, which is naturally gaining strength. As the US dollar is growing stronger overall, you need to keep in mind that there is some currency correlation to look out for.
You can find a look at all of today’s economic events in our Economic calendar.
