Silver price is forced for some decline - Analysis - 11-05-2021

Silver price bounced bearishly after approaching our first waited target at 28.25, to achieve some temporary bearish correction, noting that stochastic enters the oversold areas now, which supports the chances of resuming the main bullish trend, which moves inside the intraday bearish channel that appears on the chart, noting that our extended target reaches 29.00.

The positive effect of the inverted head and shoulders’ pattern still active, taking into consideration that the continuation of the bullish wave requires holding above 26.60.

The expected trading range for today is between 26.90 support and 27.80 resistance.

The expected trend for today: Bullish