Silver Price Approaches Key Resistance – Forecast for May 7, 2024

by Jennifer

Silver price is currently testing the crucial resistance level of $27.45, which was previously the support of a bullish channel before being breached. A successful breach of this level would indicate a return to the channel and suggest a continuation of bullish trend dominance in the upcoming trading sessions.

Consequently, the intraday outlook leans towards a bullish scenario, with the next significant target set at $28.00. However, a break below $26.90 would negate the anticipated upward movement and potentially subject the price to corrective bearish pressure once more.


The expected trading range for today is as follows:


Support: $27.00
Resistance: $27.75

Overall, the trend forecast for silver remains bullish, reflecting the current technical analysis and market sentiment.

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