As trading commences, silver price exhibits a notable ascent, approaching the pivotal resistance level at $26.90. Analysts advise caution in light of this development, emphasizing the importance of maintaining a position below this threshold to sustain the intraday bearish trend. A breach of $26.90 support could signal a shift in market sentiment, potentially targeting an initial test of $26.00.
The convergence of the Exponential Moving Average 50 (EMA50) with the aforementioned resistance further reinforces its significance and bolsters the proposed bearish outlook. Downside targets extend to $25.15 post-breakout, with the caveat that a decisive breach above $26.90, followed by $27.30 resistance levels, could herald a reversal in the current bearish momentum.
Trading Range for Today:
Support: $26.40
Resistance: $27.20
