Silver Price Shows Potential for Bearish Trend Amidst Resistance Test

by Yuki

Silver prices have recently surged towards a critical resistance level of $28.55. This level is further reinforced by the 50-period Exponential Moving Average (EMA50), which aligns with the resistance, enhancing its significance. Meanwhile, the stochastic oscillator indicates a loss of positive momentum.

Given these technical indicators, there is a potential for the silver price to resume a bearish trend on an intraday basis. If this trend continues, initial targets are set at $27.62, with further potential to drop to $27.15 if the price breaks below the initial target. Conversely, a break above the $28.55 resistance would negate the bearish outlook and could lead to additional gains.

Today’s anticipated trading range for silver is between the support level of $27.70 and the resistance level of $28.60.

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