The price of silver experienced some downward pressure over the past week, yet it appears that the $30 level is acting as a support once again. Despite the market’s turbulent nature, there are indications that significant resistance at the $32.50 level could lead to a potential double top formation. In case of a downturn, the $30 level is expected to provide a foundation, but a breach below this point could signal a more substantial decline towards the $28 mark. Overall, although the market remains volatile, a general uptrend seems likely given the recent upward momentum. Despite the potential double top formation, there are technical signals indicating a possible breakout. While a positive fundamental catalyst is needed to sustain this upward movement, current technical analysis suggests a bullish outlook, particularly following the market’s late-week response. For more information on economic events, be sure to refer to our economic calendar.