Silver price begins with clear positivity - Forecast today - 06-05-2024

Silver Price Analysis

Expected Scenarios

• Silver price opens today’s trading with clear rise to test the key resistance 26.90$, which urges caution from the upcoming trading, as the price needs to hold below this level to keep the intraday bearish trend scenario active, which targets testing 26.00$ initially.
• The EMA50 meets the mentioned resistance to add more strength to it and protect the suggested negative scenario, which its targets extend to 25.15$ after surpassing the previous level, taking into consideration that breaching 26.90$ followed by 27.30$ levels will stop the bearish wave and lead the price to turn to rise.

Trading Range for Today

• Support: 26.40$
• Resistance: 27.20$

Trend forecast: Bearish