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Silver price attempts to recover - Forecast today - 08-11-2024
Silver price traded with clear positivity yesterday, as it breached 31.63$ level and settled above it, but we notice that stochastic lost its positive momentum clearly and starts to provide negative signals now, while the EMA50 forms continuous negative pressure against the price.
Therefore, we expect to witness negative trades in the upcoming sessions, and the price needs to break 31.63$ to confirm heading towards the next target at 30.63$, taking into consideration that failing to break 31.63$ will lead the price to achieve new gains that reach 32.86$.
The expected trading range for today is between 31.10$ support and 32.00$ resistance.
Trend forecast: Bearish
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