Silver prices have successfully attained our initial downside target at 24.15, where they encountered substantial support. This support coincided with the intersection of the Exponential Moving Average 50 (EMA50) and the support line within the bullish channel, as evident on the chart. Today’s trading has commenced on a positive note, propelled by the current upward momentum indicated by stochastic indicators.
Consequently, the probability of a continued uptrend in the upcoming sessions is considered viable. The initial targets for this upward movement are positioned at 24.60, with potential extensions to 25.00 following the breach of the preceding level. However, it is crucial to note that a breach of the 24.10 support level could halt the bullish bias, potentially leading to further declines with the next target at 23.70.
As traders engage with the market, it is prudent to be prepared for potential fluctuations. The anticipated trading range for today is expected to oscillate between 23.95 as support and 24.75 as resistance.
Projected Market Trend for Today: Bullish
