Silver prices have resumed their decline following a recent uptick, with today’s trading session witnessing further negativity as the $31.00 level is breached, signaling a potential continuation of the bearish trend in the upcoming sessions. This downward momentum suggests a trajectory towards the $30.06 mark, serving as our primary target.
A notable observation is the formation of a double top pattern, with its confirmation line situated at the aforementioned target. A breach of this level could exacerbate losses, potentially driving prices down to $28.55, followed by $27.65. It’s crucial to note that the sustainability of this bearish trajectory hinges on the price holding below $31.75.
Expected Trading Range:
Support: $30.20
Resistance: $31.10
Trend Forecast: Bearish
Investors should monitor these key levels closely for potential shifts in market sentiment and adjust their trading strategies accordingly.