Silver prices experienced significant downward pressure yesterday, falling below the $29.30 mark and suggesting a potential return to a bearish trend. Despite this drop, technical indicators are showing positive signals that could prevent further losses, hinting at a possible recovery and a continuation of the bullish trend on an intraday and short-term basis.
Due to the conflicting signals from technical indicators, it is advisable to adopt a cautious approach until a clearer trend direction emerges. If silver prices rise above $29.30, the bullish trend may resume with a potential target of $30.06. Conversely, a drop below $28.55 could lead to further declines, with initial support around the $27.62 level.
Today’s expected trading range is between $28.70 for support and $29.55 for resistance.
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