Today’s analysis of the silver market indicates a testing of key support levels, with a bearish outlook prevailing.
Expected Scenario
Silver prices are currently testing the critical support level at $29.30. The market is experiencing resistance at this level, indicating potential difficulty in breaking through. Analysts are awaiting further negative indicators that could confirm a breakout below this support level, paving the way for achieving downside targets. Initial targets are set at $28.55, with further potential declines towards $27.62 upon successful breach of the initial support.
Key Levels
To maintain the bearish momentum, it is crucial for silver to remain below the resistance level of $30.06. A breach above this level may invalidate the bearish scenario and suggest a potential reversal.
Expected Trading Range
Traders can expect silver to trade within a range defined by support at $28.85 and resistance at $29.75.
Trend Forecast
The trend forecast for today remains bearish, contingent on silver prices staying below key resistance levels.
Traders and investors are advised to monitor price action closely within these levels as they navigate today’s silver market.
