Silver prices recently tested the $32.00 mark and have since initiated downward movements, signaling a shift towards negative trading patterns. The Stochastic indicator has relinquished its positive momentum, now issuing negative signals, hinting at a potential resumption of the anticipated bearish trend on an intraday basis, with a primary target set at $31.00.
Consequently, our bearish outlook remains intact unless the price manages to stage a rally, surpassing key resistance levels at $32.15 and $32.50, and sustains trading above them.
Expected Trading Range:
The anticipated trading range is expected to span between the support level at $31.20 and the resistance level at $32.20.
Trend Forecast:
The forecast indicates a continuation of the bearish trend.