Silver Price Forecast Update – July 12, 2024

Today, silver prices are under significant downward pressure, approaching the critical support level at $30.70. Analysts advise caution in upcoming trades, as a continued decline below this level could invalidate the positive scenario, potentially leading to further losses down to $30.06.

However, amidst this pressure, technical indicators such as the stochastic oscillator show signs of gathering positive momentum. This suggests a possible resumption of the bullish trend, with the next major target anticipated at $32.00.

For today’s trading, the expected range is between $30.90 as support and $31.80 as resistance.

Trend Forecast: Bullish