Silver price touches the target - Forecast today - 03-05-2024

Silver Price Analysis

• Silver price succeeded in touching our awaited target at 26.00$ and found solid support there.
• It shows some bullish bias and retests the neckline of the double top pattern again.
• Stochastic shows a clear loss of positive momentum and approaches negative overlap.
• Waiting for the bearish wave to resume and surpass the mentioned level to open the way to visit the 61.8% Fibonacci level at 25.15$.

The EMA50 forms continuous negative pressure against the price and meets the key resistance at 26.90$ to add more strength to it.

The price needs to hold below this resistance to guarantee the continuation of the suggested bearish wave.

The expected trading range for today is between 26.10$ support and 26.90$ resistance.

Trend forecast: Bearish