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04/10/24
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Silver Prices Surge: Bullish Momentum Continues as Key Levels Hold
Silver prices have experienced a notable rise, marking the fourth consecutive day of gains and moving closer to the week’s peak. The current technical analysis appears favorable for bullish traders, indicating the potential for continued upward movement. Levels falling below $32.00 are expected to attract buyers, suggesting limited downside risk.
Throughout the Asian trading session, silver (XAG/USD) has maintained its position above the $32.00 level, positioning itself at the upper end of its weekly trading range. The metal is near a multi-year high reached last week and appears set to extend its upward trend, which emerged from a low recorded in August.
The recent increase from below $31.00 bolsters a positive outlook for silver. Daily oscillators reveal a strong momentum, remaining comfortably above the overbought territory, which implies that upward pressure is likely to continue. A movement back towards the multi-year peak near $32.70, and potentially reaching the $33.00 level, seems feasible.
Conversely, if silver prices fall below the $32.00 level, support is anticipated around $31.75. A decisive break beneath this level could lead to increased selling pressure, pushing prices towards the $31.10-$31.05 range and possibly testing the weekly low between $30.90 and $30.85. This zone is pivotal; if it is breached significantly, the current bullish sentiment could shift towards a more bearish outlook.
In such an event, silver may experience a further decline, potentially targeting the $30.25 area, with the psychological support level at $30.00 and the 100-day Simple Moving Average (SMA) around $29.80 to $29.65 serving as additional support levels.
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