Silver’s price remains ensnared within a tight range, with pivotal levels defined by a support at $26.90 and resistance at $28.00. Amidst conflicting signals from technical indicators, market sentiment leans towards neutrality, awaiting a decisive breach of either boundary to ascertain the next directional move.
The juxtaposition of EMA50 negativity against stochastic positivity underscores the current state of uncertainty. As such, our outlook maintains a neutral stance until a clear breakthrough occurs, providing clarity on the subsequent trajectory.
A breach of the $26.90 support level is poised to reignite the corrective bearish trend, with a downside target projected at $26.00. Conversely, surpassing the resistance at $28.00 heralds a return to the primary bullish trajectory, with upside targets at $28.80 and $29.80.
Expected Trading Range:
Support: $26.70
Resistance: $27.60
Trend Forecast: Neutral
As silver navigates within this narrow band, traders are advised to exercise caution and monitor price action closely for potential breakout opportunities signaling a shift in market dynamics.
