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Silver Price Analysis: Bullish Momentum Expected to Prevail

by Daisy

In recent trading sessions, silver prices exhibited a bullish rebound following a test of the $28.00 mark, indicating a resumption of the upward trajectory. Analysts anticipate a continuation of this bullish trend, with price targets set at $28.90 and $29.80 respectively, provided previous resistance levels are surpassed.

The ongoing bullish momentum is further supported by the formation of a bullish channel, bolstered by the EMA50. It is emphasized that maintaining levels above $28.00 is crucial to sustaining the upward movement and mitigating potential corrective pressures.

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Traders are advised to monitor the price action within the expected trading range, delineated between the support level at $28.30 and resistance at $29.00.

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Trend Forecast: Bullish

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