In recent trading sessions, silver prices have exhibited significant downward momentum, breaching the $31.00 mark and approaching the anticipated target level of $30.06. This level corresponds to the 38.2% Fibonacci correction level calculated from the previous rise, measured between $26.12 and $32.50. Analysts anticipate further downside movement, with potential targets at $29.30 and $28.55.
The prevailing bearish trend is expected to persist in both the intraday and short-term periods. However, a break above $31.00 could signal a temporary halt to the downward pressure, potentially prompting a reevaluation of the bullish trend.
Traders are advised to monitor the trading range, with support seen at $29.80 and resistance at $30.80. Despite fluctuations within this range, the overall forecast leans towards a bearish trajectory, as indicated by recent market dynamics and technical analysis.