Silver prices are encountering hurdles in their upward trajectory, signaling a potential shift towards a downward trend in the imminent trading sessions. This struggle manifests in the formation of a lower high, hinting at a forthcoming decline. The journey towards a new bearish correction on an intraday basis appears imminent, with confirmation anticipated upon breaching the $31.00 mark. Such a breach would pave the way for a rally towards $30.06, representing the next negative target.
Projections suggest a continuation of this decline on an intraday basis. However, it’s noteworthy that a breach of $31.85 could alleviate the current negative pressure, potentially prompting the price to endeavor a resurgence in line with the main bullish trend.
Trading experts anticipate a trading range between the support level of $30.80 and the resistance level of $31.70. This forecast aligns with the overarching trend projection, which leans bearish amidst prevailing resistance levels.