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Silver Price Forecast – Silver Shows Short-term Strength but Remains Stuck in Consolidation
Key price areas to watch next for silver are the most recent swing high of $18.08 on the upside and $17.47 on the downside, followed by $17.07. The upside price is the more significant as a move above it will trigger a breakout of a bullish descending trend channel. Thereafter, silver has a chance of moving higher and possibly exceeding the $18.84 peak from January 8. That peak is the high of the descending channel. Support was last seen at the $17.47 price area as it was the low Wednesday and silver turned higher at that point. Subsequently, price exceeded the prior day’s high and confirmed a bullish reversal. A ... (full story)