Silver prices encountered significant downward pressure yesterday, breaking the $29.30 support level and closing below it. This movement suggests a potential shift back to a bearish trend. However, technical indicators are currently providing positive signals that may help prevent further losses and could support a recovery, potentially resuming an intraday and short-term bullish trend.
Given the conflicting signals from technical indicators, it is advisable to adopt a cautious stance until a clearer trend emerges. If silver prices manage to breach the $29.30 level, it could reactivate the bullish trend, with the next target around $30.06. Conversely, a drop below $28.55 would suggest continued decline, with potential support at $27.62.
The anticipated trading range for today is between $28.70 (support) and $29.55 (resistance).
Trend Forecast: Neutral
