Silver experienced significant downward movement yesterday, breaching our anticipated target of $31.00. This opened the path for further intraday bearish correction, with prices nearing the 38.2% Fibonacci correction level, a key support at $30.06. The current trend suggests that this support level might be broken, paving the way for additional declines in the upcoming sessions, with the next target set at $29.30.
Given these developments, the bearish trend is likely to continue in the near term. However, if silver prices breach the $31.00 mark, this could halt the expected decline and potentially signal a return to the main bullish track.
Expected Trading Range:
Support: $29.70
Resistance: $30.60