Silver Price Hits First Negative Target – Forecast for August 6, 2024

by Jennifer

The silver price has reached our anticipated negative target of $27.00 and subsequently rebounded to test the key resistance level at $27.62. The outlook remains bearish, with expectations for the price to resume its downward trend towards the previously recorded low of $26.12.

We continue to suggest a bearish trend for the near term. However, if the price breaches the $27.62 resistance level, it will invalidate the negative scenario and could lead to additional gains, potentially reaching $28.55.

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Expected Trading Range for Today:

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Support: $26.50

Resistance: $27.60

Trend Forecast: Bearish

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