Silver prices experienced a noticeable decline in recent sessions, breaking below $30.63 and heading toward a potential test of the crucial $29.63 support level. Despite this, the price remains within a bullish channel, which supports the likelihood of a continued bullish trend on the intraday basis. Additionally, stochastic indicators have recovered from their earlier negativity, gaining positive momentum on shorter timeframes.
As a result, positive trading is expected today, with the key focus on breaking $30.63 to confirm a potential rally towards $31.63 as the next target. However, if the decline persists and the $29.63 level is broken, the bullish outlook will be invalidated, leading to further losses.
The anticipated trading range for today is between $29.95 support and $30.85 resistance.
Trend Forecast: Bullish