Silver prices have seen a notable decline after revisiting the broken neckline of a double top pattern identified on the chart. This downward movement has begun to press against the bullish channel’s support line, which has historically acted as a robust barrier for the price. Analysts predict that this support line may be breached due to the negative pattern observed, potentially opening the door for further declines. Target prices for this bearish scenario could extend to $31.95, followed by $31.25.
In the short term, the expectation remains for a bearish trend, although it is important to note that a breach above $33.04 would invalidate this negative outlook, allowing the price to resume its upward trajectory within the established bullish channel.
For today, the anticipated trading range for silver is set between a support level of $31.90 and a resistance level of $32.80.
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