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Silver prices have been fluctuating within a sideways range recently, exhibiting a new bullish bias. This movement suggests that silver might test the key resistance level of $29.30 before potentially declining again.
The 50-day Exponential Moving Average (EMA50) aligns with this resistance level, adding further strength to it. This alignment supports the continuation of the bearish trend in the near future. Our targets remain at $28.55 and extend to $27.62, contingent upon breaking the initial target level. To achieve these targets, it is crucial for the price to remain below $29.30.
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For today, the expected trading range for silver is between the support level of $28.50 and the resistance level of $29.45.
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Trend Forecast: Bearish
