In the realm of silver trading, the market persists in its adherence to a tight range, hovering around the $29.50 mark, aligning with the anticipated bearish trajectory on an intraday scale. Initial projections maintain a target of $28.90, with a potential further dip to $28.00 upon breaching this threshold.
However, a decisive breakthrough above $29.80 would nullify the envisaged downward trajectory, instead hinting at a potential resurgence of the primary bullish momentum.
Anticipated Trading Range:
Market analysts foresee a trading bandwidth delimited by a support level at $29.00 and a resistance ceiling at $29.80, offering insights into potential price movements within this specified corridor.
Trend Outlook: Bearish
In light of prevailing market conditions and technical indicators, the overarching trend forecast remains bearish, underscoring the current sentiment driving silver price dynamics.