The current trajectory of silver price indicates a bearish sentiment, with pressures mounting around the $26.90 level, suggesting a potential further decline in the upcoming sessions. Confirmation of a break below this level is deemed crucial to pave the way for a corrective move towards $26.00 as the next target.
Maintaining a bearish bias for today’s trading, the negative influence from the EMA50 adds weight to this outlook. However, it’s worth noting that a failure to breach the aforementioned support level could prompt recovery attempts, potentially testing resistance around the $28.00 mark before establishing a clear direction.
Expected Trading Range:
Support: $26.45
Resistance: $27.20