Silver price achieves bearish correction - Forecast today - 27-03-2024

Silver Price Analysis

Silver price faces negative pressure to break 24.60$ level and settles below it, to achieve bearish correction for the rise that started from 21.92$ areas, as it moves near 38.2% Fibonacci correction level that forms key support at 24.30$, facing negative pressure formed by the EAM50 that supports the chances of achieving more bearish correction in the upcoming sessions.

On the other hand, we notice that stochastic shows positive signals that might protect the price from suffering more losses and push to regain the bullish trend again.

• The contradiction between the technical factors makes us prefer to stay aside until we get clearer signal for the next trend, noting that breaking 24.30$ support will push the price to target 23.85$ followed by 23.40$ levels as next correctional targets, while breaching 24.85$ resistance represents the key to return to the bullish track and achieve gains that start at 25.50$ and extend to 26.07$.

The expected trading range for today is between 24.00$ support and 24.90$ resistance.

Trend forecast: Neutral