Silver Price Suffers Additional Losses, Bearish Trend Persists – May 23, 2024

by Jennifer

Expected Scenario

Silver price exhibited notable negativity in recent trading, surpassing our anticipated target at $31.00 and paving the way for further intraday bearish correction. The price is now approaching the key support level at $30.06, which represents the 38.2% Fibonacci correction level. The potential to breach this level appears likely, setting the stage for additional declines in the upcoming sessions, with the next target poised at $29.30.


Consequently, we maintain our bearish outlook for the foreseeable future. However, it’s important to note that a breach of $31.00 would halt the anticipated decline, potentially signaling a reversal towards the primary bullish trajectory.


Expected Trading Range

The anticipated trading range spans between the support level at $29.70 and the resistance level at $30.60.

Trend Forecast: Bearish

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