Silver prices tested the $30.63 level but remained stable below it, with technical indicators suggesting a potential continuation of the downward trend. The stochastic oscillator is currently signaling a negative overlap, which could trigger further bearish movement on an intraday basis, with an initial target of $29.64.
The 50-period Exponential Moving Average (EMA50) is providing additional downward pressure on the price, reinforcing the bearish outlook. If silver manages to break below the $29.64 level, the decline could extend to the $29.00 range as the next key support level.
However, if silver breaks above $30.63, it could signal a reversal of the current bearish correction and possibly mark a return to the primary bullish trend.
For today, the expected trading range for silver is between the support level at $29.90 and resistance at $30.75.
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