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Silver prices are currently testing the support line of a bullish channel, indicating a potential continuation of the bearish trend in the near term. This bearish sentiment is further reinforced by the emergence of a double top pattern on the chart, which increases the likelihood of additional downside targets, initially reaching $31.95 and potentially extending to $31.25.
As such, the bearish outlook remains in place for intraday trading, provided that prices do not rally and break above $33.04, holding above this level.
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Today’s anticipated trading range is between a support level of $31.80 and a resistance level of $32.70.
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Trend Forecast: Bearish
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