Silver Price Analysis: Bearish Trend Expected

by Daisy
  • Silver price has climbed back above the $29.30 level.
  • The EMA50 is exerting persistent negative pressure on the price.
  • The stochastic indicator is losing its positive momentum, indicating a potential bearish bounce.
  • The next target for this bearish trend is set at $28.55.

Key Conditions for Price Movement:

Maintaining a position below $30.06 is crucial for the continuation of the anticipated decline.
If the price breaches $30.06, it is likely to turn bullish, with a potential rise towards $31.00.

Today’s Expected Trading Range:

Support level: $28.90


Resistance level: $29.75


Trend Forecast: Bearish

Market participants should watch the $30.06 level closely, as it serves as a critical pivot point for determining the short-term direction of silver prices.

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