Today, silver prices have initiated trading on a negative note, falling below the $29.30 mark once again. This reaffirms our bearish outlook for the foreseeable future, with an anticipated target set at $28.55. Currently, stochastic indicators are showing negative overlap, further bolstering the likelihood of continued declines over the intraday period.
The downward pressure, influenced by the EMA50 indicator, supports the continuation of this bearish trend. This outlook remains valid as long as prices remain below key resistance levels at $29.30 and $30.06.
Expected Trading Range
Traders can anticipate today’s trading range to fluctuate between support at $28.60 and resistance at $29.50.
Trend Forecast
The overall trend forecast for silver remains bearish, reflecting the prevailing market sentiment and technical indicators pointing towards further downside potential.
Investors and market participants should monitor price movements closely within this range, adjusting strategies accordingly to align with the current bearish momentum in silver markets.
