Silver prices surged upwards once again yesterday, successfully reaching our anticipated target of $31.00. The breach of this level, coupled with a daily candlestick closure above it, reinforces the likelihood of a sustained bullish trend in the forthcoming sessions. This sets the stage for further gains, with targets ranging from $31.75 to $32.50.
Intraday trading is anticipated to witness further upward movement, albeit possibly accompanied by some sideways fluctuations influenced by stochastic negativity. It’s noteworthy that a breach below $31.00 would negate the positive scenario, potentially triggering a downward reversal towards initial support levels around $30.06.
Expected Trading Range:
Support: $30.70
Resistance: $31.80
Trend Forecast:
The overall trend remains bullish, indicating a favorable outlook for silver prices in the near term.