Silver Price Breaks Support, Enters Decline Phase

by Jennifer

Silver price has unmistakably breached the support line of the previously established bullish channel, signaling a shift towards a bearish trajectory on an intraday basis. The initial downside target in sight is the 23.70 level. It is imperative to exercise vigilance when this level is approached, as a successful breach of 23.70 would be pivotal in extending the bearish momentum, potentially leading to further negative targets at 23.00.

Consequently, the forthcoming trading sessions are expected to witness a bearish sentiment. It should be noted that a break above the 24.25 mark could trigger a return to a bullish track, with initial positive milestones at 24.60, followed by 25.00.

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For today’s trading, the anticipated range is projected between the support level at 23.40 and the resistance at 24.10, indicative of the possibility of price fluctuations in the silver market.

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In summary, the silver market has experienced a significant break in its support, prompting a bearish phase with an initial target of 23.70. Further downside potential lies at 23.00, while a breach of 24.25 could pave the way for a return to a bullish trajectory, targeting 24.60 and 25.00 as immediate milestones.

 

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