Silver Price Achieves Strong Gains, Eyes Further Upside – Forecast for May 20, 2024

by Jennifer

Silver Price Analysis:

Silver price has showcased robust positive momentum, successfully reaching our previously indicated target at $32.50.

Future Outlook:

The upward trajectory is expected to persist, with further gains anticipated, targeting the $33.70 level as the next significant milestone. Despite potential fluctuations influenced by stochastic negativity, the bullish wave is supported by the EMA50.

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Trend Analysis:

A bullish trend remains in play, although a break below $31.00 could prompt a temporary halt in the rise, potentially leading to a bearish correction before resuming the upward trend.

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Expected Trading Range:

The projected trading range for silver is between the support level of $31.90 and the resistance level of $32.80.

In summary, silver’s price movement continues to be characterized by strong bullish momentum, with the potential for further upside gains. Traders should remain vigilant for potential corrections, particularly if the $31.00 support level is breached.

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