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Silver market loses momentum as investors reduce their exposure to the precious metal.
A disaggregated report said speculative long positions in Comex silver futures decreased by 5,334 contracts to 38,143 contracts, while short positions fell by 2,203 contracts to 24,795 contracts. The excessive reduction in bullish bets led to a decline in the net silver length to 13,348 contracts.
Many analysts forecast that silver will risk testing support at the lower boundary of the range, around $22.50 per ounce.
But even though the metal faces challenges in the short term, maintaining a bearish outlook in the long term appears to be quite difficult. After all, many consider silver as an industrial metal, so demand will increase in the transition to green energy
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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