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Silver prices encountered increased negative pressure yesterday, surpassing our anticipated target of $33.04 and reaching a secondary target of $32.50. This decline is attributed to the formation of a double top pattern observed on the chart, indicating potential further declines. The next targets are set at $31.95, followed by $31.30.
Given this analysis, we expect the bearish trend to persist in the upcoming period. However, it is crucial to note that a breach of the $33.04 level would negate the current negative pressure and allow the price to potentially resume its bullish trend.
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Today’s expected trading range for silver is between a support level of $32.10 and a resistance level of $33.10.
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Trend Forecast: Bearish
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