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Silver Price Initiates Positive Movement – Forecast for June 12, 2024

by Jennifer

Silver Price Analysis:

The commencement of trading today sees silver price embarking on a positive trajectory, successfully breaching the critical level of $29.30 and endeavoring to establish a sustained position above it.

The assessment of the last daily candlestick below this level remains pivotal in determining the continuation of the prevailing bearish trend in the forthcoming period, with a target set at $28.55 as the subsequent milestone.

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However, should the price consolidate above $29.30, a scenario of further gains becomes probable in the upcoming sessions, with an anticipated test of $30.06 before any potential reversal.

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Expected Trading Range:

Market analysis indicates a likely trading range bounded by the support level at $28.90 and the resistance level at $29.70.

Trend Forecast:

In consideration of the prevailing market dynamics, the trend forecast maintains a bearish outlook for silver prices, contingent upon the confirmation of resistance levels and candlestick patterns.

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