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13/06/25
42
Silver Prices Fluctuate Amid Mixed Signals: Bullish Momentum Builds
Silver prices are experiencing a lack of clear direction this Friday, oscillating between slight gains and minor losses. The overall technical landscape appears to favor bullish traders, suggesting potential for further short-term gains. However, a significant drop below the recent swing low is necessary to alter the positive outlook.
After rebounding from approximately $35.45 earlier in the week, which marked its lowest point, silver has seen a fluctuating price movement during the European trading session. Currently, it has settled in a neutral range around $36.30 to $36.35, staying close to its highest level since February 2012, reached earlier this week.
From a technical standpoint, the price action observed over the past week can still be interpreted as a consolidation phase, indicative of bullish momentum following a significant rally from the monthly low in April. Additionally, the daily Relative Strength Index has shown a decline from slightly overbought territory. This absence of considerable selling pressure points to an upward trajectory as the most likely path for prices.
Should silver experience any corrective pullbacks below the $36.00 threshold, buyers may be encouraged to re-enter near the recent swing low around $35.45. However, a decisive breach below this level could trigger technical selling, pushing prices down toward the psychological support below $35.00. There is potential for a more extended retreat toward the intermediate support between $34.55 and $34.50, and possibly to the significant $34.00 level.
On the bullish side, traders are likely looking for a breakthrough beyond the multi-year high near $36.85 to $36.90 before making new investments. If successful, this could extend the established short-term uptrend, potentially surpassing $37.00 and challenging the February 2012 swing high in the mid-$37.00 range.
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