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Silver Price Analysis and Forecast – July 4, 2024

by Jennifer

Current Situation:

Silver is currently stabilizing around the $30.40 level following a strong surge in the previous session. The price is poised to gain further positive momentum, potentially driving it towards the next target of $31.00.

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Technical Indicators:

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The bullish trend for silver is expected to continue, bolstered by the EMA50 which provides support from below. However, a break below the $30.06 level would halt the current upward movement and could lead to a decline in price.

Expected Trading Range:

Traders should anticipate a trading range between support at $30.10 and resistance at $31.00.

Trend Forecast:

The forecast remains bullish, with expectations of continued upward movement supported by technical indicators, provided that key support levels are maintained and positive momentum is sustained.

This analysis suggests that silver is set for further gains, contingent on maintaining its current trajectory and overcoming potential support challenges.

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