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Silver Price Analysis
Silver prices are currently trading above the $29.30 level. However, the EMA50 is exerting continuous negative pressure on the price. Additionally, the stochastic indicator is losing its positive momentum, supporting a bearish bounce. The next target for this bearish trend is $28.55.
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Conditions for Price Movement
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Maintaining a position below $30.06 is crucial for the continuation of the expected decline.
If the price breaches $30.06, it will likely turn bullish, targeting $31.00.
Expected Trading Range for Today
- Support: $28.90
- Resistance: $29.75
Trend Forecast: Bearish
Silver is expected to continue its bearish trend, with technical indicators supporting further declines.
