Silver Price Shows Signs of Consolidation – Forecast for May 9, 2024

by Jennifer

Silver prices are exhibiting positive movements following a minor decline in recent sessions, edging closer to the breached support level of the bullish channel on the chart. The forecast anticipates further upward momentum, with a potential test of $27.65 followed by $28.00 as the primary targets.

A bullish trend is expected to persist in the near term, contingent upon the price maintaining its current trajectory. However, a breach below $26.90 would invalidate the positive outlook, subjecting the price to renewed downward pressure.

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Expected Trading Range

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  • Support: $27.10
  • Resistance: $27.80

Trend Forecast: Bullish

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