{"id":616,"date":"2023-10-23T14:48:35","date_gmt":"2023-10-23T11:48:35","guid":{"rendered":"https:\/\/ssctrades.com\/silver-price-correction-should-be-used-for-buying\/"},"modified":"2023-10-23T14:48:35","modified_gmt":"2023-10-23T11:48:35","slug":"silver-price-correction-should-be-used-for-buying","status":"publish","type":"post","link":"https:\/\/27-preview.freshtone.ru\/en\/silver-price-correction-should-be-used-for-buying\/","title":{"rendered":"Silver price correction should be used for buying"},"content":{"rendered":"

Silver prices<\/strong><\/a> gained another 4% last week and set a monthly high of 23.7<\/strong>. However, the bulls failed to pass this level on the first try, just like in September. On the background of a strong overbought condition market participants take profit on a part of long positions, resulting in a pullback to 22.7<\/strong>. Silver purchases will be more secure here.<\/p>


<\/p>

Despite pressure from high interest rates<\/strong><\/a>, silver demand continues to rise. According to Sprott analysts, this year’s deficit of the white metal is expected to be about 142 million ounces. 2023 is projected to set a record for silver demand from solar panel manufacturers, the electric vehicle industry and the continuing improvement of 5G cellular networks.<\/p>


<\/p>

According to the International Energy Agency (IEA) report, over the past 10 years, the share of solar panel manufacturers in global silver demand has increased from 5% to 14%. By 2030, consumption of the white metal in this sector could rise by another 170% to 273 million ounces. Therefore, more than 25% of all silver produced will be used in the creation of solar panels.<\/p>


<\/p>

At the same time, silver production faces great difficulties. More than 80% of silver comes from deposits where the main product is other metals such as lead, zinc, copper and gold. The shortage of silver mines and the reluctance of mining companies to invest in new projects means that current prices are still not a sufficient catalyst to increase production. In this situation, further increases in the white metal’s price should be expected.<\/p>


<\/p>

The surge in silver prices over the past 2 weeks has led to the highest overbought condition (RSI<\/strong>) in 2 months. Thus, it will be very hard to continue the upward movement without correction. To open long positions, it is worth waiting for a small pullback, e.g. to the level of 22.7<\/strong>.<\/p>


<\/p>


<\/p>

The following trading strategy may be offered:<\/p>


<\/p>

Buy silver on a pullback to the 22.7 level. Take profit \u2013 23.7. Stop loss \u2013 22.2.<\/strong><\/p>


<\/p>

Traders may also use the Trailing stop<\/strong> instead of the fixed Stop loss<\/strong> at their discretion.<\/p>","protected":false},"excerpt":{"rendered":"Market analysis by financial analysts and experienced traders. 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