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Silver Price Surpasses Target, Indicating Bearish Momentum

by Jennifer

The price of silver has successfully reached our previously forecasted target of 24.60. Notably, the price has not only reached but also broken below this level, signaling a pathway for a sustained decline with additional downside targets, particularly around 23.70 in the short term.

This implies the continuation of a bearish bias for the intraday period, a sentiment supported by the price trading below the EMA50, exerting negative pressure. It’s crucial to monitor the price’s behavior around the breached level of 24.60; a decisive move above this point might halt the suggested decline, potentially leading to a reversal and upward movement.

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The anticipated trading range for today is expected to fluctuate between the support at 24.00 and resistance at 24.85.

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Today’s Expected Trend: Bearish

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