Silver prices have reached the anticipated target of $33.04, experiencing a bullish bounce as they tested key resistance at $33.70. However, the price has been consolidating just below this resistance level, leading to a resumption of negative trading patterns. Analysts expect further declines in the upcoming sessions, with initial targets set at surpassing $33.04 to confirm a move towards $32.50.
The bearish outlook remains in place for the near term. It is important to note that a breach of the $33.70 resistance could signal a return to the primary bullish trend, potentially leading to gains that might reach the recent high of $34.85.
For today, the expected trading range is set between a support level of $32.70 and a resistance level of $33.70.
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