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The silver price has tested the initial resistance level of $29.30 but remained below it, leading to a shift towards negative trading. The next support level to watch is $28.55. A break below this level could signal a further decline towards $27.62 as the next key target.
The stochastic indicator has clearly lost its positive momentum, reinforcing expectations of a continued decline in the upcoming sessions. The persistence of the bearish trend is dependent on the silver price staying below the $29.30 and $30.06 levels.
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Today’s expected trading range is between $28.50 for support and $29.35 for resistance.
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Trend Forecast: Bearish
