Silver Prices Face Downward Pressure, Testing Key Support Level

Silver prices are experiencing a downturn as they approach the crucial support level of $29.30. Current technical indicators, including stochastic readings, suggest a bearish trend, signaling a potential decline below this support. If this level is breached, the next significant target for the metal could be around $28.55, reinforcing the bearish outlook for the near term.

Traders should anticipate a negative trading pattern for today. However, if silver prices do not break the $29.30 support level, a rebound could occur, with potential gains reaching up to $30.06.

Today’s anticipated trading range is between the support level of $28.80 and resistance at $29.70.

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