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Silver Still Downtrend, But Breaking Above 24.60 Possibly Buy

Silver and gold have the same co-relation with USD. Silver is mostly followed by gold from every fundamental aspect.

Technically, Silver is still holding below the descending trend line, which means It is still in a downtrend. but marketing is trying to break descending trendline. Breaking and stable above 25.60 price zone will confirm the breaking downtrend.

We may go for buy silver if we see US job market report falls than forecast. especially, NFP and average hourly earnings is important for silver whether it is going to buy mode again.

Keep in mind, we may see another fake break-out as well. if silver breaks above the descending trend-line before the high volatile news come-out may go for a short-term uptrend. but after releasing the job market report if the reports beat the market expectation, silver will drop again. in that case, we will see a fake break out.

so, don't rush just watching breaking and buy with full energy. let the market digest the US job market report and follow your analysis.

Technically, from the present silver market price, 24.60 is the immediate resistance. breaking above the 24.60 price zone will open the door for the 25.60 price zone. Finally, the worse us job market report may open the door for the 28.00 price zone. Stop-loss should be below the 22.60 price zone.