Gold’s Price Surge Continues: Could We Be Entering a New Supercycle?
August 21, 2024Silver Prices Near One-Month High Amid Expectations of Fed Rate Cut
August 23, 2024The price of silver has shown a slight increase early on Wednesday, with expectations of breaking above the $30 mark. This level is considered significant and was a point of resistance on Tuesday. Despite the recent strong bullish trend, there might be a potential for a slight pullback, which could present a buying opportunity for traders looking for value. If silver manages to surpass the $30 level, the next targets could be around $31.50 and even $32. Conversely, a pullback could find support at the 50-day Exponential Moving Average (EMA) and around $28.50. While shorting silver is not recommended, caution is advised before entering new long positions at these elevated levels. Overall, the silver market is expected to attract buyers seeking value opportunities, as has been the trend recently.