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Silver Price Analysis Indicates Bearish Trend, Resistance at $31.60

by Daisy

In the latest analysis of silver prices, a bearish sentiment prevails as the commodity’s value continues its descent towards the $31.00 mark. Analysts anticipate further downward movement, with a potential breach of this level to trigger additional bearish corrections targeting $30.06, supported by indicators reflecting stochastic negativity.

Projections suggest a likelihood of sustained decline in forthcoming sessions. However, it’s noted that consolidation around the $31.00 level amidst prevailing downward pressure could prompt a bullish rebound, potentially signaling a resurgence towards the primary uptrend.

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Trading dynamics are expected to fluctuate within a range, with support identified at $30.70 and resistance at $31.60, reflecting the broader trend forecast of bearish sentiment in the silver market.

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