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Silver prices experienced further downward pressure yesterday, surpassing the anticipated target of $33.04 to reach a new low of $32.50. This decline is attributed to a double top pattern evident on the price chart, suggesting continued bearish momentum.
Analysts predict that silver may decline further, targeting levels of $31.95 and subsequently $31.30 as potential support points. The bearish trend is expected to persist in the near term.
However, a breach of the $33.04 mark could halt the current negative pressure, potentially allowing silver prices to resume an upward trajectory.
Today’s anticipated trading range is set between support at $32.10 and resistance at $33.10.
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