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Silver prices have failed to maintain a position above the $27.62 mark, unable to confirm a sustained breakout. The metal is poised to continue its bearish trend within the established channel, with potential declines targeting $27.00 and then $26.12. Stochastic indicators are showing negative signals that reinforce the expectation of a downward movement.
The 50-day Exponential Moving Average (EMA50) continues to support the anticipated bearish trend, provided that silver prices remain below the critical levels of $28.20 and more crucially, $28.55.
For today, silver is expected to trade within a range between the support level at $27.30 and the resistance level at $28.20.
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