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Silver is currently testing the $29.30 level. The presence of clear overbought signals from stochastic indicators suggests a potential resumption of the bearish trend, with an initial target of $28.55. This aligns with the prevailing negative outlook for the day.
The EMA50 is applying downward pressure, reinforcing the likelihood of a continued decline. However, if silver breaches the $29.30 level, followed by $30.06, this would invalidate the bearish scenario and potentially shift the price back to a bullish trajectory.
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Today’s expected trading range is between the support level of $28.80 and the resistance level of $29.50.
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Trend Forecast: Bearish
