Silver prices continued their upward trajectory recently, distancing from the $30.06 mark and signaling a sustained bullish momentum for the day. The current intraday analysis forecasts a potential push towards positive targets, initially targeting $31.00 and potentially extending to $31.55. However, stochastic indicators suggest there could be temporary sideways movements or slight declines.
The bullish outlook is supported by the price’s position above the EMA50, reinforcing expectations of further gains. This bullish sentiment holds as long as the price remains above the critical support level of $30.06. A breach below this level, followed by sustained trading beneath it, would invalidate the upward trend.
Looking ahead, the expected trading range for silver is anticipated between a support level of $30.20 and a resistance level of $31.10. This range underscores potential price movements while emphasizing the current bullish trend’s resilience.
Trend Forecast: Bullish
In summary, while silver prices exhibit a bullish bias supported by technical indicators and trading above key moving averages, traders are advised to remain vigilant for any signs of reversal, particularly if support at $30.06 is breached convincingly.
