Silver price is currently testing the crucial resistance level of $27.45, which was previously the support of a bullish channel before being breached. A successful breach of this level would indicate a return to the channel and suggest a continuation of bullish trend dominance in the upcoming trading sessions.
Consequently, the intraday outlook leans towards a bullish scenario, with the next significant target set at $28.00. However, a break below $26.90 would negate the anticipated upward movement and potentially subject the price to corrective bearish pressure once more.
The expected trading range for today is as follows:
Support: $27.00
Resistance: $27.75
Overall, the trend forecast for silver remains bullish, reflecting the current technical analysis and market sentiment.
