Silver Price Analysis
The silver price has exhibited strong negative momentum in recent sessions, breaking the $31.00 level and nearing the first target at $30.06. This level corresponds to the 38.2% Fibonacci correction level for the rise from $26.12 to $32.50. The current trajectory suggests that silver is on track to reach further negative targets at $29.30 and subsequently $28.55.
Expected Scenario
The bearish trend for silver is anticipated to continue on both the intraday and short-term basis. It’s crucial to note that breaching the $31.00 level would halt the prevailing negative pressure, potentially prompting an attempt to re-establish the main bullish trend.
Expected Trading Range
Support: $29.80
Resistance: $30.80
Trend Forecast: Bearish
Traders should monitor the $31.00 level closely, as a breach would signal a potential shift in trend. However, as long as silver remains below this threshold, the bearish outlook is likely to persist, with further declines expected towards $29.30 and $28.55.
