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Silver Prices Show Bearish Momentum Amidst Bullish Rebound

by Daisy

Silver prices experienced a notable decline in trading yesterday, nearing the anticipated target of $28.55. Despite a modest uptick in early trading today, aiming towards testing the critical resistance level of $29.30, the market sentiment remains cautiously bearish. Analysts are anticipating a potential resumption of the bearish trend, targeting a breach of the initial support level and paving the way towards a further decline to $27.65.

Technical indicators, including the EMA50, underscore support for the continuation of the bearish outlook. This projection hinges on the price maintaining below $29.30, with a critical threshold identified at $30.06.

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In terms of expected trading dynamics, the range is forecasted between support at $28.50 and resistance at $29.40, highlighting the current volatility and key levels to watch in the silver market.

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