Silver prices have once again approached the key resistance level of $29.63, as noted in recent reports. This price point remains crucial for the continuation of the current market trend. If silver fails to sustain below this threshold, the negative outlook could shift, with the $29.63 level acting as the broken neckline of the head and shoulders pattern that has been observed on the chart. A failure to hold below this resistance would suggest a decline toward the next target of $28.40.
However, market participants should be aware that a breakthrough above $29.63 would invalidate the bearish scenario. Such a move would likely set the stage for a bullish wave, with initial targets near the $30.63 region.
The expected trading range for today is between $29.20, representing support, and $30.00, marking resistance.
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