Silver prices have tested the $29.30 resistance level, but concluded last week below this mark, reinforcing the ongoing bearish trend. The primary target remains at $28.55, with a potential further decline to $27.62 upon breaching this level.
The bearish sentiment is bolstered by the EMA50 indicator, indicating sustained negative pressure and supporting the continuation of the downward trend. This outlook remains valid as long as prices remain below $29.30.
Projected Trading Range
The anticipated trading range is expected to fluctuate between support at $28.50 and resistance at $29.45.