Silver prices have recently rebounded, approaching the significant resistance level of $28.55. This level is further reinforced by the 50-day Exponential Moving Average (EMA50), while the stochastic indicator shows a noticeable loss of positive momentum.
Given these conditions, the likelihood of resuming the anticipated bearish trend on an intraday basis remains high. Should the bearish trend continue, initial support is expected at $27.62, with a further decline possible to $27.15 if the initial support is breached. Conversely, a break above the $28.55 resistance would negate the negative outlook and potentially lead to further gains.
For today, silver is projected to trade within a range of $27.70 on the downside and $28.60 on the upside.
Trend Forecast: Bearish
