Expected Scenario:
Silver price is encountering resistance in sustaining its upward momentum, leading to the formation of a lower high. This suggests a potential reversal towards a decline in the upcoming trading sessions. On an intraday basis, the market is poised to undergo a new bearish correction, with confirmation expected upon breaching the $31.00 support level. Such a move would pave the way for a downside rally towards the next negative target at $30.06.
Expected Outlook:
Anticipate further declines on an intraday basis, with close attention to the critical support level at $31.00. A breach of this level would confirm the current negative pressure and likely drive the price towards the mentioned target. However, overcoming the resistance at $31.85 would alleviate the downward pressure and prompt the price to attempt a resumption of the primary bullish trend.
Expected Trading Range:
The expected trading range is between the support at $30.80 and the resistance at $31.70.
Trend Forecast: Bearish
In summary, the silver price is facing negative pressures, with a potential shift towards a bearish correction. Traders should monitor key support and resistance levels for indications of trend reversals.
