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Silver prices have been fluctuating within a sideways range in recent sessions, adhering to a bearish channel that suggests a continuation of the downward trend in the near term. A critical support level to watch is $27.62; a break below this level would reinforce the bearish outlook, potentially leading to a decline towards $27.00 and subsequently to $26.12.
Additionally, the formation of a double top pattern further supports the likelihood of further declines, both in the short-term and medium-term. The bearish trend will remain dominant as long as the price remains below $28.55.
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The forecasted trading range for today is between $27.40 (support) and $28.20 (resistance).
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Trend Forecast: Bearish
