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Silver Price Analysis: Positive Momentum Signals Bullish Trend Continuation

by Daisy

Silver prices have exhibited upward momentum following a slight retreat in recent sessions, approaching the breached support of the bullish channel depicted on the chart.

There’s an anticipation of further ascent towards the key levels of $27.65 and $28.00, which serve as prominent resistance points. This signals a bullish trajectory for the foreseeable future.

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It’s noteworthy that maintaining the bullish stance hinges on the avoidance of breaching the $26.90 support level, as such an occurrence could reintroduce negative pressure on the price.

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Trading Range Projection:

Today’s anticipated trading range spans between the support level at $27.10 and the resistance level at $27.80.

Trend Forecast: Bullish

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