Silver prices demonstrated strong positive momentum yesterday, surpassing the $28.55 mark and approaching the $29.30 level. However, the momentum appears to have diminished, leading to negative pressures that could potentially cause a decline in prices.
The current technical indicators present a conflicting picture, leading to a neutral stance on future price movements. To determine the next direction for silver prices, it is crucial for the price to break through one of the key levels mentioned. A breach above the $29.30 resistance could propel prices to additional gains, potentially reaching $30.06. Conversely, falling below the $28.55 support line could signal a return to a bearish trend, with a potential target of $27.62.
For today, the anticipated trading range is between $28.30 support and $29.20 resistance.
Related topic: