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Silver prices have struggled to break through the $30.06 resistance level despite multiple attempts. This persistent inability to surpass this threshold suggests a potential decline in the near term, with an initial target set at $29.30. A fall below this level could intensify negative pressure, potentially pushing prices toward the $28.55 mark.
Current technical indicators, including the stochastic oscillator, reflect ongoing negative momentum, reinforcing the bearish outlook. Conversely, a successful breach of the $30.06 resistance could trigger a price increase, potentially reaching the $31.00 level.
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For today, the projected trading range for silver is between $29.30 support and $30.06 resistance.
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Trend Forecast: Bearish
