The silver market exhibited signs of recovery as it attempted to reverse its recent bearish trend, according to the forecast for April 24, 2024.
Silver prices concluded yesterday’s trading session with notable positivity, surpassing the $26.90 level and settling above it once more. This suggests an effort to halt the prevailing bearish correction in recent trades. However, analysts caution that technical indicators are still providing mixed signals, potentially leading to further price fluctuations.
Given the conflicting signals from technical indicators, market participants are advised to adopt a cautious stance until clearer signals emerge regarding the next trend. Breaking the $26.90 level could prompt a visit to the next correctional level at $26.00. Conversely, breaching the resistance at $28.00 would signal an end to the bearish wave, paving the way for the resumption of the main bullish trend. This would likely lead to testing the $28.95 followed by $29.80 areas.
For today’s trading, the anticipated range is expected to be between a support level of $26.85 and a resistance level of $27.75.
Forecast: Neutral
