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Silver Price Surpasses Target: Forecast for July 8, 2024

by Jennifer

Silver Price Analysis

Silver has successfully reached and surpassed the anticipated target of $31.00, closing the daily candlestick above this level. This achievement strengthens expectations for a continued bullish trend on an intraday basis, with potential targets set at $31.50 and $32.00 as the next positive milestones.

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The bullish scenario remains intact for the foreseeable future, supported by the EMA50 (Exponential Moving Average 50). It is crucial to note that a breach below $31.00 could exert negative pressure on the price, potentially targeting areas around $30.06.

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Expected Trading Range

Today’s projected trading range is anticipated between a support level of $30.70 and a resistance level of $31.55.

Trend Forecast: Bullish

The trend analysis indicates a bullish outlook, backed by recent price movements and technical indicators. Investors are advised to monitor developments closely, especially around key support and resistance levels, for potential trading opportunities in the silver market.

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