Silver moves today
Silver at the basic level
Silver prices fell on Thursday as the demand for safe havens waned, and recorded their lowest levels in 4 weeks, reaching a bottom near the support levels of 31.65 dollars, before rebounding from these support levels upwards again.
Over the past four weeks, Silver has lost almost 3.5%.
The easing of global trade tensions has led to a decrease in demand for safe haven assets, especially following fruitful trade talks between the United States and China over the weekend in Switzerland, where the two sides agreed to temporarily reduce tariffs to 30% and 10%, respectively, for 90 days - a notable step towards calming tensions.
The decrease in geopolitical risks also led to a decline in market expectations of a sharp interest rate cut by the Federal Reserve, which increased the downward pressure on silver.
Silver is on the technical side
Silver prices fell down to 31.65 levels as we expected in the weekly analysis video here
Silver prices also rebounded from these levels in an attempt to reach the levels of 32.25/30 USD before returning to pullbacks again.
Silver is trying to form some harmonic patterns shown in the chart, especially if the support of 31.65 is broken and the candle closes below at least 4 hours, of which we are targeting the levels of 30.65 dollars.
This scenario fails in the event of a breakout of the week's top.
