Expected Scenario
Silver price exhibited notable negativity in recent trading, surpassing our anticipated target at $31.00 and paving the way for further intraday bearish correction. The price is now approaching the key support level at $30.06, which represents the 38.2% Fibonacci correction level. The potential to breach this level appears likely, setting the stage for additional declines in the upcoming sessions, with the next target poised at $29.30.
Consequently, we maintain our bearish outlook for the foreseeable future. However, it’s important to note that a breach of $31.00 would halt the anticipated decline, potentially signaling a reversal towards the primary bullish trajectory.
Expected Trading Range
The anticipated trading range spans between the support level at $29.70 and the resistance level at $30.60.
Trend Forecast: Bearish
