Silver flipped below $30.3 immediate support, targetting $29.7, the November 28 low. The trend outlook remains bearish as long as the prices are below the $30.8 critical resistance.
Silver Technical Analysis – 17-December-2024
The commodity in discussion has traded in a robust bear market since December 12. The downtrend from $32.3 eased after the XAG/USD bears dragged the prices to $30.3 lows. Despite the oversold signals the momentum indicators gave, Silver bears pushed the prices below $30.3 immediate support.
The critical resistance level that divides the bull market from the bear market rests at $30.8. From a technical perspective, the next bearish target will likely be $30.0 if the resistance holds.
