The silver price has recently encountered a pivotal juncture, testing the previously breached support of the bullish channel, now serving as a significant resistance line at $27.45. Analysts suggest that a breach of this crucial level would signify a return to the channel and signal the resumption of bullish trend dominance in the near future.
Consequently, the prevailing scenario favors a bullish outlook on an intraday basis, with the next major target identified at $28.00. However, caution is advised, as a break below $26.90 would impede the anticipated upward movement and subject the price to renewed corrective bearish pressure.
In terms of today’s trading dynamics, the expected range is outlined as follows:
Support: $27.00
Resistance: $27.75
Overall, the trend forecast remains bullish, contingent upon the ability of silver to surmount the critical resistance level, while vigilance is warranted in the event of a potential downturn below key support levels.