Expected Scenario
Silver prices have clearly broken the $30.06 level, moving bearishly and coming close to our target at $29.30. Currently, there is a slight bullish bias influenced by stochastic positivity, suggesting a potential retest of the resistance at $30.06. We anticipate a resumption of the bearish trend to reach additional negative targets around $28.55.
Therefore, we continue to suggest a bearish trend for the upcoming period. However, if silver prices breach the $30.06 resistance, it would halt the expected decline and could lead to a return to the bullish trend.
Expected Trading Range
Support: $29.00
Resistance: $30.10
Trend Forecast: Bearish
In summary, while silver shows some short-term bullish behavior, the overall forecast remains bearish. The bearish trend is expected to continue towards $28.55, unless the price breaks above the $30.06 resistance, which would signal a potential return to a bullish trend.
