- Silver price has climbed back above the $29.30 level.
- The EMA50 is exerting persistent negative pressure on the price.
- The stochastic indicator is losing its positive momentum, indicating a potential bearish bounce.
- The next target for this bearish trend is set at $28.55.
Key Conditions for Price Movement:
Maintaining a position below $30.06 is crucial for the continuation of the anticipated decline.
If the price breaches $30.06, it is likely to turn bullish, with a potential rise towards $31.00.
Today’s Expected Trading Range:
Support level: $28.90
Resistance level: $29.75
Trend Forecast: Bearish
Market participants should watch the $30.06 level closely, as it serves as a critical pivot point for determining the short-term direction of silver prices.