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Silver (XAG/USD) traded down by a third of a percent on Monday, hovering in the $29.40 range. Despite this marginal decline, the precious metal has shown some recovery since hitting a low of $28.66 on June 13.
Currently, silver remains in a short-term downtrend. Given the trading adage “the trend is your friend,” this downward movement is expected to persist.
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The recent recovery since mid-June appears to be a temporary pullback rather than a trend reversal. Once this pullback concludes, the prevailing downtrend is likely to resume.
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