Silver prices are currently displaying a renewed bullish sentiment, poised to surpass the $29.30 mark. Analysis indicates that despite the upward momentum, the EMA50 exerts significant downward pressure on the price, while the stochastic oscillator shows a clear loss of positive momentum.
These factors collectively suggest a bearish outlook for the near future, with an anticipated decline targeting the $28.55 support level. It’s noteworthy that any further upward movement, particularly breaching the $30.06 resistance, would negate this anticipated decline and potentially shift the price trajectory upwards.
Expected Trading Range and Forecast
Today’s expected trading range is projected between the support level of $28.85 and the resistance level of $29.70.
In summary, while current indicators point towards a bearish trend, the potential for a reversal exists if the price manages to breach key resistance levels.