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Silver Price Outlook: Seeking Positive Momentum – Forecast for 05-07-2024

by Daisy

Current Market Dynamics

Silver prices have been hovering around the $30.50 mark, exhibiting subdued trading activity since the previous day. Sustaining above $30.06 is critical to maintaining a bullish perspective.

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A drop below $30.06 would introduce downward pressure, with initial downside targets set near $29.30. Conversely, a bullish breakout above $31.00 could propel prices towards $31.50, marking key resistance levels.

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Anticipated Trading Range

The expected trading range spans from a support level of $30.10 to a resistance barrier at $31.00.

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