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.
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!
