Silver Price Analysis
Bearish Correction
- Silver price reached our target at $29.40 but experienced a strong downward bounce, initiating bearish correction.
- The correction is measured from $22.26 to $29.78, with solid support found at the 23.6% Fibonacci level at $28.00.
- Today, the price started positively and attempts to resume the main bullish track.
Expected Scenarios
- Chances are valid for a rise today, with initial targets set at $29.80 followed by $30.00.
- Breaking below $28.00 would put the price under additional negative pressure, targeting $26.90 as the next station.
Trading Range
The expected trading range for today is between support at $27.95 and resistance at $28.80.
Trend forecast: Bullish