Silver prices recently tested the resistance line of a bearish channel but encountered a solid barrier, causing a bearish reversal. This movement suggests that the price is likely to resume its primary downward trend, particularly as the stochastic oscillator indicates increasing bearish momentum. To confirm the continuation of this decline, silver needs to break below the $27.62 level, which could then lead to further negative targets starting at $27.00 and potentially extending to $26.12.
Given these developments, a bearish bias is expected to persist in the upcoming sessions. However, if the price manages to breach the $28.00 level, it would halt the anticipated decline and potentially trigger a bullish reversal.
Today’s expected trading range is between the $27.15 support and $27.95 resistance levels.
Trend Forecast: Bearish
