Silver prices made a significant attempt to surpass the $29.30 mark last week but ultimately closed below this level on Friday, reinforcing a bearish trend outlook. The initial downside target remains at $28.55, with a potential further decline towards $27.62 upon breaking below this support level.
The bearish sentiment is bolstered by the presence of the EMA50, which continues to exert negative pressure and supports the continuation of the bearish wave. This outlook is contingent on the price maintaining stability below the key resistance level of $29.30.
Expected Trading Range:
Silver prices are expected to fluctuate within a range defined by $28.50 as support and $29.45 as resistance.
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