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Silver prices have confirmed a break below the $29.30 level, closing under this threshold last Friday. This development supports expectations of continued bearish correction in the short-term and intraday, with the next target set at $28.55. A further decline below this level could extend losses to $27.62.
Stochastic indicators are showing a loss of positive momentum, reinforcing the forecast for additional decline. However, a breach above $30.06 would halt the current bearish trend and potentially signal a reversal towards regaining the main bullish trend.
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For today, silver is expected to trade within a range between the support level of $28.70 and the resistance level of $29.50.
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Trend Forecast: Bearish
