Silver Price Tests Support, Forecast for May 13, 2024

by Jennifer

In the realm of precious metals, silver has encountered downward pressure, testing a crucial support level at $28.00. Presently, it maintains stability above this mark. Analysts note that stochastic indicators have entered oversold territories, suggesting the potential for a bullish rebound to resume the anticipated uptrend in both the intraday and short-term perspectives. Price targets within this trend span from $28.90 to $29.80.

The EMA50 continues to provide reinforcement for the envisaged bullish movement, a scenario deemed viable unless a breach below $28.00, coupled with a daily close below it, occurs.


In terms of trading expectations for the day, the projected range stands between support at $27.90 and resistance at $28.60.


Trend Forecast: Bullish

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