In the latest price analysis, silver exhibits a predominantly bullish bias as it approaches the critical resistance level of $31.00. The presence of the EMA50 at this juncture adds further weight to the resistance. However, the stochastic indicator is now providing clear negative signals.
Given these indicators, market analysts maintain their bearish outlook for the foreseeable future. Initial targets for the downside movement include a break below $30.06, which would confirm a path towards the next negative station at $29.30. It’s important to note that remaining below the $31.00 mark is crucial for the continuation of the anticipated decline.
Traders should expect trading activity to remain within the range bound by support at $30.00 and resistance at $31.00.
Trend Forecast: Bearish
