Silver nears breakout level as markets eye $24 resistance

Thursday witnessed silver prices inching up to close at $23.82 in a session marked by low trading volumes but maintaining weekly highs. Market participants are closely monitoring the precious metal as it approaches key resistance levels, with the immediate focus on the $24 mark and a further eye on June’s peak of $24.52.

As trading resumed in Japan and US markets on Friday, silver prices showed little change, hovering close to a potential breakout over the $24 threshold. Should this level be breached, the next targets for silver bulls are set at June’s high, followed by a significant psychological barrier at $25, ultimately aiming for the year-to-date high of $26.12.

The downside risk remains if silver prices were to fall below Thursday’s low, which would see the metal testing critical support within its demand zone at the 200-day moving average (DMA) of $23.32. A further decline could expose additional supports at the 20-DMA ($23.13) and the more distant 50-DMA ($22.75).

Investors are advised to remain vigilant of the emotional distress risks associated with such volatile trading environments. It is also important to note that insights provided do not serve as personalized investment advice. As market watchers stay tuned for silver’s next move, the precious metal’s performance in the upcoming sessions could be pivotal for its short-term price trajectory.

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