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Silver prices initially displayed negative movement at the market open today but have since recovered, approaching the $27.00 level. This rebound is influenced by positive stochastic indicators. Despite this short-term uptick, the broader bearish trend remains intact, as the price continues to operate within the descending channel visible on the chart. The next key bearish target is set at $26.12.
Our outlook favors a bearish trend for the near term, though it is important to note that a breakout above $27.62 would invalidate the current decline and potentially shift the market sentiment toward a bullish phase.
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Today’s anticipated trading range is between $26.40 for support and $27.20 for resistance.
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Trend Forecast: Bearish
