Silver Price Reaches Target: Forecast Analysis for May 24, 2024

by Jennifer

The price of silver has successfully hit the projected target of $30.06, demonstrating a notable bullish trend after finding firm support. Despite this recent uptick, experts anticipate a resumption of negative trading momentum, with a focus on breaching the current level to aim for the next correctional threshold at $29.30.

Key to the continuation of the bearish trajectory is maintaining positions below $30.45 and, crucially, below $31.00. A breach of the latter figure could signal a shift towards recovery, potentially indicating a return to the primary bullish trend.


Traders are advised to consider the expected trading range, which spans between a support level of $29.70 and a resistance level of $30.60, as they navigate the market in the coming sessions.


Forecast Trend: Bearish

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