Silver Prices Experience Negative Pressure Following Barrier Test

by Yuki

Silver prices are currently facing negative pressure after previously testing the $32.00 barrier. The metal has since fluctuated around the $31.70 mark. Observations indicate that the stochastic indicator is shedding its negative momentum and approaching oversold territory, suggesting a potential motivation for prices to resume the anticipated bullish trend in the near term. The next key target for this bullish movement is $32.50.

Support for this expected rise is provided by the 50-day Exponential Moving Average (EMA50). However, it is crucial to note that if silver prices break below $31.00, the bullish trend could be halted, leading to a potential decline in prices.

For today, the anticipated trading range for silver is projected to be between a support level of $31.40 and a resistance level of $32.20.

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