Silver price faces solid resistance – Analysis - 02-02-2021

Silver price bounced downwards strongly after touching 29.80, to head towards potential test to the support base formed at 27.60 after breaching the resistance line that appears on the chart, accompanied by stochastic head towards the oversold areas, waiting to motivate the price to resume the positive trading and head to attempt to breach the first level and open the way to achieve more gains on the longer term basis.

Therefore, we will continue to suggest the bullish trend for the upcoming period, noting that breaking 27.60 will press on the price to suffer more losses and head towards 25.50 areas before any new attempt to rise.

The expected trading range for today is between 27.60 support and 29.50 resistance.

The expected trend for today: Bullish