Silver prices have breached the crucial support level of $29.30, marking a significant downturn following last Friday’s close below this threshold. Analysts suggest this break supports expectations of further bearish correction in the intraday and short-term perspectives, with a potential target of $28.55 in sight. Notably, a continuation below this level could exacerbate losses, potentially extending towards $27.62.
Technical indicators underscore the bearish sentiment, with the stochastic oscillator showing signs of losing positive momentum. Analysts caution that a breach above $30.06 could halt the current downward trend, potentially paving the way for a retest of higher levels and a revival of the bullish trend.
Market analysts anticipate today’s trading range to fluctuate between support at $28.70 and resistance at $29.50, highlighting ongoing volatility in the silver market.
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