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Silver (XAG/USD) experienced a nearly 2.0% decline on Thursday subsequent to the release of US producer price inflation figures.
The metal broke below its recent low of $29.04 set on June 11, marking a new low at $28.85 for the day.
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The ongoing pattern of lower lows and lower highs observed since the peak in May indicates that Silver is currently in a short-term downtrend. This trend, aligned with the adage “the trend is your friend,” suggests a potential continuation of the downward movement.
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