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Silver prices are currently fluctuating around $27.62, exerting downward pressure on this level. For the bearish trend to continue, silver needs to break below this support level. A confirmed breach could push prices further down within the bearish channel, targeting initial levels at $27.00 and extending to $26.12.
We maintain a bearish outlook for the near term. However, if prices rise above $27.85, this would counteract the current negative pressure and could lead to a recovery. In this scenario, silver could test the $28.55 level.
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Today’s anticipated trading range is between $27.15 for support and $27.95 for resistance.
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Trend Forecast: Bearish
