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Silver prices have experienced significant volatility, falling by over 3% and dipping below the key $30 per ounce support level for the first time since May 17th. This decline, which saw prices down 3.93%, has brought silver back into its $28 to $30 support zone, with market analysts watching closely to see if it will bounce back or continue to drop. A close under $28 per ounce could signal a deeper correction. Despite the short-term turbulence, some experts believe the long-term uptrend for silver remains intact, with $28 per ounce potentially acting as a new support level. Analysts also suggest this could be the final shakeout before silver moves to a new record-high.
Silver is attempting a comeback after penetrating into its $28 to $30 support zone yesterday. It would be notable if silver can close back above the key $30 level. A break below $28, however, would signal that further weakness is likely ahead. $SLV #silversqueeze https://t.co/hqtAYCeNi7
Intraday volatility can be vicious for commodities and metals. But it's important to step back and look at the long-term charts. Silver is a great example. The uptrend is still intact. $28/oz should act as a new support level and would be a great spot to add. #silver https://t.co/x6jgyy3udO
Silver is having a rough day (down 3.93%) and has penetrated back into its $28 to $30 support zone. As of now, this is a test of that support zone and it could still bounce from here. A close under $28 would signal that an even greater correction is likely. $SLV #silversqueeze https://t.co/fSB0Lm4f0L
