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Silver Price Continues its Upward Trend – Forecast for June 21, 2024

by Jennifer

Silver Price Analysis

Silver prices extended their upward trajectory in recent trading sessions, moving decisively above the $30.06 level. This reaffirmed the continuation of the bullish momentum in the short-term. The current intraday outlook remains optimistic, with targets set for further gains beginning at $31.00 and potentially extending to $31.55. However, caution is advised as temporary sideways or negative fluctuations influenced by stochastic indicators could occur.

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Expected Scenario

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The bullish sentiment is supported by silver’s movement above the EMA50 (Exponential Moving Average 50), suggesting ongoing strength in the market sentiment. This bullish outlook will remain intact unless there is a decisive break below the $30.06 level, followed by sustained trading below it.

Expected Trading Range

Traders can anticipate silver to trade within a range bounded by support at $30.20 and resistance at $31.10. These levels are crucial for monitoring potential breakout or reversal signals.

Trend Forecast

The trend forecast for silver remains bullish, reflecting current market dynamics and technical indicators pointing towards continued upward momentum.

Investors and traders should monitor price movements closely within the specified trading range, keeping an eye on key support and resistance levels for trading decisions amidst ongoing market volatility.

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