Silver price has recently shown positive movement, pushing above the $31.00 mark, supported by the positive signals from stochastic indicators. However, the 50-period exponential moving average (EMA50) continues to exert downward pressure on the price, suggesting that the negative outlook remains valid in the near term.
Despite the short-term bullish momentum, the price is likely to test the $30.63 level as its first target. Traders should remain cautious as the prevailing bearish trend may prevail in the upcoming sessions.
Trend Forecast: Bearish
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