Silver prices have undergone a significant break below the $30.06 mark, followed by a bearish rally that nearly reached our anticipated target of $29.30. Despite exhibiting a mild bullish bias influenced by stochastic current positivity, the metal appears poised for a potential retest of the resistance line established at $30.06 before resuming its downward trajectory towards additional negative targets, potentially touching $28.55.
In light of these developments, our analysis maintains a bearish outlook for the forthcoming period. However, it’s noteworthy that breaching the $30.06 resistance level could interrupt the expected decline, prompting the price to potentially revisit a bullish trajectory.
Traders should observe a trading range between the support level at $29.00 and the resistance level at $30.10 as they navigate the evolving market dynamics.
Forecast: Bearish Trend Continues