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Silver Prices Signal Potential Bearish Trend Ahead

by Daisy

Silver prices are currently displaying a renewed bullish sentiment, poised to surpass the $29.30 mark. Analysis indicates that despite the upward momentum, the EMA50 exerts significant downward pressure on the price, while the stochastic oscillator shows a clear loss of positive momentum.

These factors collectively suggest a bearish outlook for the near future, with an anticipated decline targeting the $28.55 support level. It’s noteworthy that any further upward movement, particularly breaching the $30.06 resistance, would negate this anticipated decline and potentially shift the price trajectory upwards.

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Expected Trading Range and Forecast

Today’s expected trading range is projected between the support level of $28.85 and the resistance level of $29.70.

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In summary, while current indicators point towards a bearish trend, the potential for a reversal exists if the price manages to breach key resistance levels.

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