Silver Price Faces Downward Pressure Amid Overbought Signals

Silver prices are currently testing the $29.30 level, accompanied by clear overbought signals from stochastic indicators. This suggests a likelihood of further negative movement towards an initial target of $28.55, reinforcing the bearish trend outlook for today.

The EMA50 indicator is exerting downward pressure, supporting expectations of a decline. A breach above $29.30, followed by $30.06, however, would invalidate the bearish scenario and could redirect prices back towards the bullish trajectory.

Today’s expected trading range spans from a support level of $28.80 to a resistance level of $29.50.

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