Silver Price Reaches Initial Target: Forecast for June 7th, 2024

by Jennifer

Silver Price Analysis: Predicted Outlook

Yesterday, silver prices surged, successfully hitting our initial target of $31.00. The price breached this level and closed the daily candlestick above it, reinforcing the likelihood of a continued bullish trend in the upcoming sessions. This momentum paves the way for further gains, with the next targets set at $31.75 and extending to $32.50.

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We anticipate a continued rise on an intraday basis, although some sideways fluctuation may occur due to stochastic negativity. It’s important to note that falling below $31.00 would halt the positive scenario and potentially lead to a decline, targeting the $30.06 area initially.

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Expected Trading Range

The expected trading range is between a support level of $30.70 and a resistance level of $31.80.

Trend Forecast: Bullish

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