Silver Price Reaches Target, Bearish Outlook for the Upcoming Period – Market Forecast for November 28, 2024
Silver prices have successfully hit the anticipated target of $29.64, as expected at the open today. The outlook remains negative, with a potential break below this level opening the path for further declines towards $28.40. A deeper analysis of the chart reveals the formation of a negative pattern, suggesting that silver could extend its downtrend towards the previously recorded low at $26.40.
As a result, we anticipate further downside movement in the coming period. However, should silver price breach $30.63, it would invalidate the bearish outlook and signal a potential shift towards bullish momentum.
Expected trading range for today: $29.10 (support) – $30.05 (resistance)
Trend forecast: Bearish
