Silver Price Approaches First Target – Forecast for June 3, 2024

by Jennifer

Silver Price Analysis

The silver price has exhibited strong negative momentum in recent sessions, breaking the $31.00 level and nearing the first target at $30.06. This level corresponds to the 38.2% Fibonacci correction level for the rise from $26.12 to $32.50. The current trajectory suggests that silver is on track to reach further negative targets at $29.30 and subsequently $28.55.

Expected Scenario

The bearish trend for silver is anticipated to continue on both the intraday and short-term basis. It’s crucial to note that breaching the $31.00 level would halt the prevailing negative pressure, potentially prompting an attempt to re-establish the main bullish trend.


Expected Trading Range

Support: $29.80


Resistance: $30.80

Trend Forecast: Bearish

Traders should monitor the $31.00 level closely, as a breach would signal a potential shift in trend. However, as long as silver remains below this threshold, the bearish outlook is likely to persist, with further declines expected towards $29.30 and $28.55.

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