Recent trading in silver has formed a bullish pennant pattern, indicating potential upward momentum as per chart analysis. To trigger this pattern’s bullish effect, silver needs to surpass the $31.00 mark. Analysts anticipate a rally towards initial targets starting at $31.50, with further potential gains up to $32.00.
Maintaining a bullish outlook for the near future, experts caution that a drop below $30.55 could negate these expectations, leading to potential declines in price.
Today’s expected trading range is forecasted between support at $30.60 and resistance at $31.50.
Trend Forecast: Bullish