Silver Price Breaks Key Support Level, Paving Way for Further Decline

Silver prices have fallen below the crucial $30.63 mark, closing the most recent daily candlestick beneath this level. This movement strengthens expectations for a continued bearish trend, with a potential decline targeting $29.63 as the next key support.

The negative pressure, compounded by the 50-period Exponential Moving Average (EMA50), further reinforces the anticipated downward movement. However, if silver prices manage to reclaim and break above $30.63, the bearish momentum may subside, allowing for a possible recovery in the short term.

For today, the expected trading range for silver lies between the support level of $30.00 and the resistance at $30.85.

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