Silver And Copper: Potential Correction Underway?
The price of silver has closely approached a very strong psychological level of 30.00, which also represents the historical maximum point. The price of this asset might potentially rebound and drop. However, it could also break through and rise. So, let’s observe what the next price movement of silver might be.
The price of the currency pair EUR/USD is heading up, targeting the level of 1.1000 next to the downtrend. The price of this asset is likely to rebound from the crossing point of these technical trendlines and drop to the level of 1.0700. Once the asset has tested the resistance level of 1.1000, it will be very important to follow the price movements to estimate future sentiment.
The price of copper tested the key resistance level of 3.0395 and formed a long-legged candle at the end of the trading day. In principle, it might signify the upcoming correction. In this case, the price of copper could potentially head South. Time will tell whether this scenario is going to work out.
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Futures and Options: Trading futures and options on margin carries a high degree of risk and may result in losses exceeding your initial investment. These products are not suitable for all investors. Ensure you fully understand the risks and take appropriate care to manage your risk.