Silver Price Analysis: Bearish Trend Forecast as Rebound Stalls

by Daisy

The upward momentum in silver prices has hit a ceiling around the $29.85 mark, prompting a clear downward rebound with a potential break below $29.30. This downward movement aims to sustain below the $29.30 level, disrupting the intraday positive scenario and signaling a return to the correctional bearish trajectory. The initial target lies at $28.55, with a breach of this level likely leading to intraday losses extending to $27.62.

Supporting this bearish outlook are negative signals from the Stochastic indicator, reinforcing the potential for the suggested downward wave. This bearish trend remains contingent upon the price remaining stable below $29.30.


Expected trading parameters indicate a range-bound movement between support at $28.60 and resistance at $29.55.


Trend Forecast: Bearish

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