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Silver Price Analysis: Bearish Trend Expected

by Daisy

The price of silver is exhibiting a bullish inclination, nearing the critical resistance level of $31.00. The EMA50 aligns with this resistance, enhancing its significance. Meanwhile, stochastic indicators are beginning to emit clear negative signals.

Given these factors, a bearish trend is anticipated in the forthcoming period. The initial target is a break below $30.06, which would pave the way toward the next downside target of $29.30. It is crucial to note that maintaining a position below $31.00 is essential for the continuation of the predicted decline.

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Expected Trading Range

The anticipated trading range is between the support level of $30.00 and the resistance level of $31.00.

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Trend Forecast: Bearish

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