In recent trading sessions, silver demonstrated notable upward movement, briefly reaching $30.06 before encountering substantial resistance. This resistance prompted a bearish rebound, leading to a significant decline that began today with the breach of the $29.30 mark. The metal’s inability to maintain levels above $30.06 reinforces a bearish sentiment, suggesting potential further declines in the near term.
Analysts anticipate the price trajectory to remain negative, with initial downside targets identified at $28.55 and potentially extending to $27.65 following a confirmed break below the former support level.
Market sentiment hinges on the silver price’s ability to stay below $29.30 and crucially beneath $30.06, indicating a predisposition towards continued downward movement in upcoming sessions.
Projected Trading Range
Today’s anticipated trading range spans from a support level of $28.60 to a resistance level at $29.50.
Trend Forecast: Bearish
Investors and traders are advised to monitor silver’s performance closely within the outlined price ranges as indicators point towards a prevailing bearish trend.
By adhering to these levels, market participants can navigate potential opportunities and risks in silver trading effectively.
