Silver prices have encountered a key resistance level at $30.63, holding steady below it as the metal faces downward pressure. Stochastic indicators have lost their upward momentum, signaling an overbought condition and suggesting that silver could resume its expected bearish trend in the coming days, with a target of $29.63 as the next significant support level.
The ongoing negative pressure, reinforced by the 50-day Exponential Moving Average (EMA), strengthens the outlook for a bearish wave. This trend will remain intact unless silver breaks above $30.63 and maintains a daily close above this threshold.
For today’s trading, silver is expected to fluctuate within a range of $29.80 support and $30.80 resistance.
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