Silver prices experienced a significant break below the $28.55 level, indicating a clear path towards the next awaited target at $27.62. Analysts suggest that sustained downward pressure could further drive losses, potentially extending towards $27.00 and subsequently $26.12.
Technical indicators, including the EMA50, are reinforcing this bearish sentiment, supporting expectations for continued declines. However, a reversal scenario could materialize if prices manage to breach above $28.55 and subsequently $29.30. Such a move would alleviate the current negative pressure and potentially trigger a bullish reversal.
For today’s trading, experts anticipate a range bound between support at $27.35 and resistance at $28.30, underscoring the cautious sentiment prevailing in the silver market.
This development marks a critical juncture for silver prices as market participants closely monitor these levels for further directional cues.
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