Silver price bounced downwards clearly to start pressing on the minor bullish channel’s support line, which we believe that it forms bearish flag pattern that will push the price to achieve bearish correction for the rise measured from 23.76 to 28.74, especially after recording a third lower high recently as appears on the chart.
Therefore, the bearish bias will be expected for today, and breaking 27.70 will confirm rallying bearishly towards 26.85 areas initially, noting that failing to achieve the required break will lead the price to resume the bullish track and head towards 28.74 areas on the near term basis.
The expected trading range for today is between 27.20 support and 28.20 resistance.
The expected trend for today: Bearish