Silver prices have experienced a significant drop, breaking through the $30.06 level and falling directly to $29.30. This move hints at the possibility of a new bearish correction in the upcoming sessions. However, stochastic indicators are showing positive signals, suggesting that silver may attempt to build a bullish wave. This contradiction in technical factors leads to a cautious approach, preferring to wait for clearer signals before determining the next trend.
If silver prices continue to rise and breach the $30.06 level, the main bullish trend is likely to resume, with initial gains targeting the $31.00 mark. Conversely, if the price breaks below $29.30, this will be a negative signal, potentially leading to further declines towards $28.55 as the next downside target.
The expected trading range for today is between the support level of $29.10 and the resistance level of $30.10.
Trend Forecast: Neutral
