Silver Prices Make Recovery Attempt: Forecast for September 5, 2024

by Jennifer

Silver prices have recently rebounded, approaching the significant resistance level of $28.55. This level is further reinforced by the 50-day Exponential Moving Average (EMA50), while the stochastic indicator shows a noticeable loss of positive momentum.

Given these conditions, the likelihood of resuming the anticipated bearish trend on an intraday basis remains high. Should the bearish trend continue, initial support is expected at $27.62, with a further decline possible to $27.15 if the initial support is breached. Conversely, a break above the $28.55 resistance would negate the negative outlook and potentially lead to further gains.

Advertisements

For today, silver is projected to trade within a range of $27.70 on the downside and $28.60 on the upside.

Advertisements

Trend Forecast: Bearish

You May Also Like

blank

Bnher is a comprehensive futures portal. The main columns include futures market, futures exchanges, futures varieties, futures basic knowledge and other columns.

[Contact us: [email protected]]

© 2023 Copyright  bedgut.com – Futures Market, Investment, Trading & News