Silver Prices Experience Consolidation Below Key Resistance Level
Silver prices have been displaying negative trading patterns, moving away from the $27.62 mark and reinforcing the bearish trend observed on an intraday basis. The market is currently operating within a bearish channel, with the price potentially targeting $26.12 as the next significant level.
Technical Indicators Support Bearish Outlook
The 50-period Exponential Moving Average (EMA50) is exerting downward pressure on silver prices, reinforcing the anticipated continuation of the bearish trend. This trend will remain valid as long as prices stay below the $27.62 threshold.
Trading Range and Forecast
For today, August 12, 2024, the expected trading range for silver is between $26.80 (support) and $27.60 (resistance).
Overall Trend
The prevailing trend for silver remains bearish.
