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Silver Price Analysis: Intraday Outlook and Expected Scenarios

by Daisy

As trading commences, silver price exhibits a notable ascent, approaching the pivotal resistance level at $26.90. Analysts advise caution in light of this development, emphasizing the importance of maintaining a position below this threshold to sustain the intraday bearish trend. A breach of $26.90 support could signal a shift in market sentiment, potentially targeting an initial test of $26.00.

The convergence of the Exponential Moving Average 50 (EMA50) with the aforementioned resistance further reinforces its significance and bolsters the proposed bearish outlook. Downside targets extend to $25.15 post-breakout, with the caveat that a decisive breach above $26.90, followed by $27.30 resistance levels, could herald a reversal in the current bearish momentum.

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Trading Range for Today:

Support: $26.40

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Resistance: $27.20

Trend Forecast: Bearish

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