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The silver price has reached our anticipated negative target of $27.00 and subsequently rebounded to test the key resistance level at $27.62. The outlook remains bearish, with expectations for the price to resume its downward trend towards the previously recorded low of $26.12.
We continue to suggest a bearish trend for the near term. However, if the price breaches the $27.62 resistance level, it will invalidate the negative scenario and could lead to additional gains, potentially reaching $28.55.
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Expected Trading Range for Today:
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Support: $26.50
Resistance: $27.60
Trend Forecast: Bearish
