Silver price has encountered solid resistance, characterized by the broken support of the bullish channel visible on the chart. The inability to return to this channel has resulted in some temporary bearish bias. However, the market awaits positive momentum to assist in pushing the price to resume its upward trajectory and breach the $28.95 level. This breach would pave the way for a rally towards our main expected target at $29.80.
Therefore, the bullish trend scenario remains valid and active for the upcoming period. It’s important to note that a break below $28.00 would prompt the price to experience intraday losses and potentially trigger a bearish correction targeting $26.90 as the next negative station.
Expected Trading Range: $28.25 (Support) – $29.20 (Resistance)
Trend Forecast: Bullish
