Silver Eyes YTD High Retest, Key Levels in Focus

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Silver’s price maintains bullish momentum, edging closer to its year-to-date (YTD) high of $24.63. Despite a slight pullback from recent gains, buyers are defending the

Silver’s price maintains bullish momentum, edging closer to its year-to-date (YTD) high of $24.63. Despite a slight pullback from recent gains, buyers are defending the crucial March 7 close ($24.31).

Bullish Scenario: Reclaiming $24.50 could trigger a retest of the YTD high ($24.63) and potentially open a path towards $25.00.

Bearish Risks: A break below $24.31 could signal a decline towards $24.00. Further weakness exposes the March 6 low ($23.57) and the confluence of the 100 and 200-day DMAs at $23.27, offering potential support.

Analysis: Silver’s price action highlights a battle between bulls and bears. The near-term direction hinges on the $24.31 level, with a break above favoring a continued rally and a break below increasing downside pressure.

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