Silver Price Analysis
Silver prices made a recent attempt to breach the $29.30 level but closed last Friday below it, reinforcing the prevailing bearish trend. Analysts suggest that the bearish scenario remains active, with the initial target set at $28.55. It is noted that a breach of this level could potentially drive prices down further towards $27.62.
The negative pressure exerted by the EMA50 indicator supports the continuation of this bearish wave, contingent upon the price maintaining stability below $29.30.
Expected Trading Range
Market expectations indicate a trading range with support at $28.50 and resistance at $29.45 for upcoming trading sessions.
Trend Forecast: Bearish
The forecast maintains a bearish outlook on silver prices in the near term.
