Silver price exhibited a notable uptick in yesterday’s trading session, surpassing the $26.90 threshold and settling above it once more. This positive movement suggests a potential halt to the prevailing bearish correction. However, caution is warranted as technical indicators convey conflicting signals, hinting at a possible downside correction.
The divergence in technical indicators prompts a stance of neutrality, advocating for a wait-and-see approach until clearer signals emerge regarding the next directional bias. A break below the $26.90 level could pave the way for a visit to the next support level at $26.00. Conversely, breaching the resistance at $28.00 would signal a cessation of the bearish momentum, potentially reigniting the primary bullish trend. This would set the stage for a test of resistance levels at $28.95 and $29.80.
In terms of expected trading range for today, support is anticipated around $26.85, while resistance is envisaged at $27.75.
Amidst the conflicting signals and uncertainty surrounding silver’s trajectory, the trend forecast remains neutral, emphasizing the importance of exercising prudence and monitoring price action closely.
