Silver prices fell below the $30.63 mark on the previous trading day, experiencing expected negative pressure on an intraday basis. As a result, the precious metal is now positioned to test the next support level at $29.64. Should silver break through this level, further losses could be in store, with the price potentially dipping to $29.00 in the near term.
Given the current market dynamics, a bearish trend is anticipated for today. However, a reversal could occur if the price manages to breach the $30.63 resistance level, potentially sparking a recovery and the formation of a bullish wave. In this case, the first key target would be $31.63.
For today, the trading range is expected to lie between the $29.80 support and the $30.65 resistance levels.
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