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Silver prices experienced a significant downturn yesterday after nearing the $35.00 mark, leading to a temporary bearish correction. This correction halted at the 23.6% Fibonacci retracement level, which provides solid support at $33.70. Following this dip, silver prices began to recover, aiming to regain a bullish trend and potentially reach gains starting at $35.00.
A bullish bias is anticipated for today, bolstered by positive stochastic indicators. However, it is crucial to note that if prices fall below $33.70, additional negative pressure may emerge, with the next target dropping to $33.05.
Today’s expected trading range is between a support level of $33.50 and a resistance level of $34.40.
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