Silver prices reached the anticipated target of $33.04 before experiencing a bullish bounce to test the key resistance level at $33.70. However, the price has consolidated below this resistance, indicating a return to negative trading. Analysts expect further declines in the coming sessions, with targets initially set at surpassing $33.04 to confirm a move towards $32.50 as the next key level.
The bearish outlook remains intact for the near term, although a breach of the $33.70 resistance would signal a potential resumption of the primary bullish trend, allowing for gains that could extend to the recently recorded high of $34.85.
The expected trading range for today is between a support level of $32.70 and a resistance level of $33.70.
Trend Forecast: Bearish
