Silver prices have demonstrated a notable downward bounce after retesting the broken neckline of a double top pattern visible on the chart. This decline has brought prices to the bullish channel’s support line, which currently serves as a significant barrier. Given the influence of the aforementioned negative pattern, we anticipate a potential breach of this support line, paving the way for additional negative targets, with projections extending to $31.95 and subsequently $31.25.
As a result, the bearish trend is expected to persist in the near term. However, it is important to note that a breach above $33.04 would invalidate the anticipated negative scenario, allowing prices to resume the bullish trend within the established bullish channel.
For today, the anticipated trading range is expected to fall between a support level of $31.90 and a resistance level of $32.80.
Trend Forecast: Bearish
