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Silver is under significant bearish pressure, having broken below the $31.00 level and now targeting a potential test of $30.06. It is crucial to monitor the price around this level, as a break below $30.06 could trigger further losses. However, if the price consolidates above $30.06, a recovery towards $31.00 is possible.
On the flip side, a break above $31.00 would invalidate the current bearish scenario, signaling a return to the primary bullish trend.
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The expected trading range for today is between $30.00 support and $30.70 resistance.
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Trend Forecast: Bearish for the rest of the day
