Silver prices exhibited notable gains yesterday, breaking through the bearish channel’s resistance line. Today, the metal continues to rise, approaching a crucial resistance level at $28.55. This increase suggests the potential for further gains in the near term. However, technical indicators are currently signaling potential downside risks.
Due to the conflicting technical signals, a cautious approach is recommended until a clearer trend emerges. A breach of the $28.55 resistance could propel prices toward positive targets, initially at $29.30 and potentially reaching $30.06. Conversely, if prices fall below $27.95, they may decline further to test the $27.62 level, with additional support levels at $27.00 and $26.12.
For today, the anticipated trading range is between $28.00 on the support side and $29.00 on the resistance side.
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