Commodities
Silver Crashes to Lowest Level Since August 5 as Bearish Trend Continues
Silver prices hit their lowest level since August 5 at $60.30 on Tuesday.
The bearish trend is indicated by technical reports, which show that silver's Relative Strength Index (RSI) was at 28 and the Moving Average Convergence Divergence (MACD) was negative.
The RSI reading suggests oversold conditions, but it does not guarantee a buying opportunity. Traders should look for price congestion at resistance levels before making a purchase.
Silver demand is influenced by factors such as interest rates and the strength of the US dollar. A high US dollar index makes silver more expensive for countries that deal in other currencies.