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Silver Prices Retreating Towards Support Line – Market Analysis – February 27, 2024

by Jennifer

Silver prices exhibited a distinct downward trend in the previous trading session, descending to interact with the support line of the intraday bearish channel depicted on the chart. The market anticipates further decline, with the primary target set at 22.25. This trajectory sustains the validity of the bearish scenario for the upcoming period.

The negative pressure exerted by the EMA50 reinforces the expected downtrend. Notably, a breach of the 23.00 level will nullify the envisaged bearish trend, paving the way for the establishment of a bullish wave on both the intraday and short-term bases.

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Today’s Expected Trading Range: 22.20 (Support) – 22.80 (Resistance)

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Market participants are advised to monitor the 22.20 support level and the 22.80 resistance level closely during today’s trading activities. Adaptation of strategies to real-time market dynamics is recommended due to potential fluctuations.

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