Silver loses momentum Forex Trading Commodities silver gold
However, the gains were partly given back around the $21.25 level, which had been a noisy area before.External Factors Impacting the Silver Market
. This is not surprising given the need to build a base and confidence before investing in a volatile market that has experienced recent selloffs. It's important to note that external factors continue to impact the market, such as the lack of industrial demand and the strength of the US dollar. As a result, volatile and sudden moves are likely. Whether silver can break away from the negative correlation remains to be seen, but it's necessary for silver to take off.
A breakdown below $20 would be extremely negative for the market. In that situation, it’s likely that the market would see not only the silver market selloff, but it would probably be toxic for gold as well. Beyond that, you would probably see a huge move higher in the US dollar, which is very possible considering just how much fear there is out there.
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