Silver Price Analysis: Outlook for Today – May 6, 2024

by Jennifer

Silver prices commenced today’s trading session with a notable uptick, aiming to challenge the critical resistance level at $26.90. This development prompts cautious anticipation among traders for the day ahead, emphasizing the significance of price behavior below this threshold to sustain the intraday bearish trend projection. Initial targets under this scenario point towards a test of $26.00.

The Exponential Moving Average (EMA) 50 intersects with the aforementioned resistance level, reinforcing its significance and fortifying the suggested negative outlook. Further downside potential extends to $25.15 subsequent to breaching the prior level. It’s noteworthy that breaching the resistance at $26.90, followed by surpassing $27.30, could signal a reversal of the bearish sentiment, paving the way for upward momentum.


Trading Range for Today:

  • Support: $26.40
  • Resistance: $27.20

Trend Forecast: Bearish

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