Silver prices showed notable positive movement yesterday, breaking through the $31.63 mark and settling above it. However, technical indicators suggest a shift in momentum. The stochastic oscillator, which had been showing positive signals, has now reversed, indicating potential weakness. Additionally, the 50-period Exponential Moving Average (EMA50) continues to apply downward pressure on the price.
As a result, a decline is expected in the coming sessions. For the bearish outlook to strengthen, silver must break below the $31.63 support level. If this occurs, the next target is anticipated at $30.63. However, failure to break this level could push prices higher, with the next resistance level seen at $32.86.
The expected trading range for today is between $31.10 (support) and $32.00 (resistance).
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