Silver prices showed significant positivity in yesterday’s trading, coming within a few pips of the anticipated target at $28.55. However, the price is now experiencing some bearish bias, influenced by stochastic negativity. This could lead to a potential test of the key support level at $27.62 before any further upward movement is attempted.
Given this scenario, a bearish outlook is suggested for today. Should the price fall below the $27.62 support, it may continue to decline, with the next potential target being $27.00. Conversely, if silver manages to break through the $28.55 resistance, it could pave the way for new gains, possibly reaching as high as $29.30.
The expected trading range for today is between the support at $27.60 and the resistance at $28.55.
Trend Forecast: Bearish
