In the current analysis, the silver price continues to oscillate within a confined range delimited by the crucial levels of $26.90 as support and $28.00 as resistance. The conflicting signals from the EMA50, displaying negativity, and stochastic indicators, indicating positivity, sustain our stance of neutrality at present. We await a decisive breach of either the support or resistance levels to ascertain the forthcoming direction more clearly.
It is pertinent to note that a breach of the mentioned support level would likely prompt the price to resume its corrective bearish trajectory, with the subsequent target identified at $26.00. Conversely, surpassing the resistance level is pivotal for the resurgence of the primary bullish trend, potentially propelling the price towards the positive targets of $28.80, followed by $29.80.
Expected Trading Range:
- Support: $26.70
- Resistance: $27.60
Trend Forecast: Neutral
