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Silver Price Analysis: Bullish Trend Continues

by Daisy

Silver prices surged upwards once again yesterday, successfully reaching our anticipated target of $31.00. The breach of this level, coupled with a daily candlestick closure above it, reinforces the likelihood of a sustained bullish trend in the forthcoming sessions. This sets the stage for further gains, with targets ranging from $31.75 to $32.50.

Intraday trading is anticipated to witness further upward movement, albeit possibly accompanied by some sideways fluctuations influenced by stochastic negativity. It’s noteworthy that a breach below $31.00 would negate the positive scenario, potentially triggering a downward reversal towards initial support levels around $30.06.

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Expected Trading Range:

Support: $30.70

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Resistance: $31.80

Trend Forecast:

The overall trend remains bullish, indicating a favorable outlook for silver prices in the near term.

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