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Silver prices have strongly broken through the $28.55 level, paving the way to our next anticipated target of $27.62. The continued negative pressure is likely to drive prices even lower, potentially reaching $27.00 and subsequently $26.12.
The EMA50 is exerting negative pressure on the price, supporting the expectation of further declines. However, if the price manages to breach the $28.55 level and then $29.30, it would alleviate the current negative pressure and could signal a shift to an upward trend.
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The expected trading range for today is between the support level of $27.35 and the resistance level of $28.30.
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Trend Forecast: Bearish
