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Silver price tests the channel’s resistance - Forecast today - 13-08-2024
Silver price tested the bearish channel’s resistance line and found solid barrier there, to start bouncing bearishly and head towards resuming the main bearish track, motivated by stochastic negativity that appears clearly now, and the price needs to break 27.62$ to confirm continuing the decline and achieve negative targets that start at 27.00$ and extend to 26.12$.
Therefore, we expect to witness more bearish bias in the upcoming sessions, noting that breaching 28.00$ will stop the expected decline and lead the price to turn to rise.
The expected trading range for today is between 27.15$ support and 27.95$ resistance.
Trend forecast: Bearish
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