Silver prices have successfully reached the anticipated second target of $27.62, with stochastic indicators showing a clear loss of positive momentum. This development strengthens the likelihood of further downward movement, potentially breaking the aforementioned level and paving the way for continued declines in both intraday and short-term trading.
Key technical indicators include the EMA50, which continues to exert negative pressure, reinforcing the potential for a sustained bearish trend. This scenario remains valid as long as prices remain below the critical level of $28.55.
Looking ahead, the immediate support is identified at $27.40, while resistance is seen at $28.20. Traders can anticipate further downside with subsequent targets at $27.00 followed by $26.12.
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