The recent surge in silver prices showcased a robust rally, propelling it to our second target at $29.80. However, formidable resistance has materialized at this level, coinciding with negative signals from stochastic indicators. As a result, there’s a potential for downward movement in the forthcoming trading sessions, with an initial test likely at $28.90.
Should the price manage to breach the resistance at $29.80, the bearish scenario will be invalidated, paving the way for a resumption of the bullish trend. In such a scenario, further gains can be anticipated, with potential targets extending up to $30.20.
Expected Trading Range: The anticipated trading range lies between support at $29.00 and resistance at $29.80.
Trend Forecast: The current analysis leans towards a bearish trend forecast, contingent upon the resistance observed at $29.80 and negative signals from stochastic indicators.