Silver price achieves some bearish correction - Forecast today - 15-04-2024

Bearish Correction

• Silver price reached our target at $29.40 but experienced a strong downward bounce, initiating bearish correction.
• The correction is measured from $22.26 to $29.78, with solid support found at the 23.6% Fibonacci level at $28.00.
• Today, the price started positively and attempts to resume the main bullish track.

Expected Scenarios

1. Chances are valid for a rise today, with initial targets set at $29.80 followed by $30.00.
2. Breaking below $28.00 would put the price under additional negative pressure, targeting $26.90 as the next station.

Trading Range

The expected trading range for today is between support at $27.95 and resistance at $28.80.

Trend forecast: Bullish