Silver Price Continues to Surpass Targets – Analysis – March 5, 2024

by Jennifer

Silver price exhibited a notable upward rally yesterday, successfully reaching our second anticipated target at 23.70. It is noteworthy that the closing of the daily candlestick above this level enhances the likelihood of a continued dominance of the bullish trend, paving the way for further gains in the forthcoming period. The subsequent primary target is projected at 24.60.

Hence, the bullish trend is expected to persist, potentially accompanied by some lateral fluctuations influenced by stochastic negativity. It is essential to monitor the ability of the price to stay above 23.70, as a failure to do so might exert intraday downward pressure, leading to a test of the 23.00 areas before any renewed attempts to rise.


The projected trading range for today is between the support at 23.50 and the resistance at 24.10.


Expected Trend for Today: Bullish

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