Silver prices have settled around the $30.50 mark following a significant drop observed yesterday evening. Analysts anticipate the continuation of negative trading, with expectations for the price to break through the support level of $30.06, potentially targeting the $29.30 area as the next significant station. This bearish trend is supported by the price’s position below the 50-day Exponential Moving Average (EMA).
Conversely, it is important to highlight that a breach of the $31.00 threshold would halt the current bearish trend. Such a movement could initiate recovery attempts, with initial gains projected to test the $31.70 level.
Today’s anticipated trading range is set between a support level of $29.90 and a resistance level of $30.90.
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