Silver price reached a critical milestone at $28.55, aligning closely with initial projections. As the stochastic indicator now signals bearish tendencies, there is a growing likelihood of the price resuming its downward trajectory over the short term. The next anticipated target stands firm at $27.62.
The influence of the EMA50 further bolsters expectations for continued declines. However, a breakthrough above $29.30 would signify a reversal of the current bearish sentiment, potentially initiating a recovery phase with an initial target set at $30.06.
Expected Trading Range
The anticipated trading range is expected to fluctuate between support at $28.20 and resistance at $29.10.
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