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Silver Price Analysis: Bearish Trend Expected Amid Further Decline

by Daisy

Silver experienced significant downward movement yesterday, breaching our anticipated target of $31.00. This opened the path for further intraday bearish correction, with prices nearing the 38.2% Fibonacci correction level, a key support at $30.06. The current trend suggests that this support level might be broken, paving the way for additional declines in the upcoming sessions, with the next target set at $29.30.

Given these developments, the bearish trend is likely to continue in the near term. However, if silver prices breach the $31.00 mark, this could halt the expected decline and potentially signal a return to the main bullish track.

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Expected Trading Range:

Support: $29.70

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Resistance: $30.60

Trend Forecast: Bearish

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