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Silver Price Analysis Points Towards Potential Recovery Efforts – 18-06-2024

by Jennifer

In the ongoing evaluation of silver prices, there emerges a nascent bullish inclination, with the price surpassing the $29.30 threshold. Notably, the EMA50 exerts notable downward pressure on the price, while stochastic indicators indicate a clear loss of positive momentum.

Given these observations, the prevailing sentiment leans towards a continued bearish trajectory in the forthcoming period. The anticipated target lies at $28.55, signaling a downward trend. However, a sustained upward movement leading to a breach of $30.06 could halt the anticipated decline, potentially triggering a reversal towards an upward trajectory.

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Expected Trading Range

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Today’s anticipated trading range is poised to fluctuate between the support level of $28.85 and the resistance level of $29.70.

Forecast Trend: Bearish

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