The silver price exhibited significant strength in recent trading sessions, surging to reach our second target at $29.80. However, formidable resistance has emerged at this level, coupled with indications of weakness from stochastic indicators. These factors suggest a potential shift towards negative price movements in the upcoming sessions, with initial support expected at $28.90.
The outlook remains contingent on the price’s ability to breach the resistance at $29.80. If successful, this would invalidate the negative scenario and pave the way for a resumption of the bullish trend, with further upside potential towards $30.20.
Expected Trading Range: The anticipated trading range is projected to be between support at $29.00 and resistance at $29.80.
Trend Forecast: The current trend forecast leans towards a bearish outlook, with the market facing resistance and potential downward pressure, particularly if the price fails to overcome the $29.80 level.
