The silver market witnessed a notable bearish correction, as the price achieved a downward bounce after reaching the target of $29.40. This correction, measured from $22.26 to $29.78, has prompted a reassessment of market dynamics, with solid support identified at the 23.6% Fibonacci level, situated at $28.00.
Despite this correction, today’s market activity commenced on a positive note, signaling potential for the resumption of the primary bullish trajectory. Analysts foresee opportunities for upward movement, with initial targets established at $29.80, followed by a key psychological barrier at $30.00.
However, vigilance is advised, as a breach below the $28.00 support level could exert additional downward pressure on the price of silver. In such a scenario, the next significant level of support is projected to be at $26.90.
Traders are advised to navigate within today’s anticipated trading range, which spans from support at $27.95 to resistance at $28.80.
Despite the recent correction, the overall trend forecast remains bullish, signaling optimism within the silver market. However, traders should remain attentive to market developments and adjust their strategies accordingly to navigate potential fluctuations.
