In a remarkable upswing, silver prices surged past the $31.00 mark and consolidated above it, indicating a notable reversal from the recent bearish trend and paving the way for potential gains in forthcoming sessions.
Analysts project the price trajectory to target the recent peak of $32.50, marking an initial optimistic milestone. Furthermore, should this level be surpassed, the bullish momentum could extend towards $33.25.
While the bullish sentiment dominates the short-term and intraday outlook, a breach below $31.00 might signal a pause in the upward momentum, potentially ushering in a fresh bout of bearish correction.
The anticipated trading range is expected to oscillate between the support level of $31.40 and the resistance at $32.50.