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30.09.202110:46 Forex Analysis & Reviews: Trading idea for silver

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Aside from its precious properties, silver is also actively used in the field of "green technologies". More specifically, it is used in the production of solar batteries and in electric vehicles, so high prices for hydrocarbon energy will lead to increased demand for this metal.

And because of this, it is not a surprise that price pulled back 50% of its "post-pandemic" rally and broke through $ 21,600.

Exchange Rates 30.09.2021 analysis

Considering that there are three corrective waves (ABC), in which wave A represents the buying pressure last year, investors should take long positions up to the 50% Fibonacci retracement level from $ 21.5 - $ 20. Set stop loss at $ 15 and take profit on the breakdown of $ 30.

This analysis is based on Price Action and Stop Hunting strategies.

Good luck and have a nice day!

Andrey Shevchenko
Analytical expert of InstaForex
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