Silver price demonstrates an ongoing inclination towards a bullish stance, progressively nearing the awaited target situated at 23.70. This upward trajectory is attributed to the culmination of the previously established inverted head and shoulders’ pattern. Further bolstering this trend is the influence of the EMA50, which exerts its support from beneath. It is noteworthy that the prospects remain favorable for a potential breach of the aforementioned level, potentially ushering in additional gains that extend towards 24.00 and subsequently 24.60.
Hence, the recommendation to uphold the projection of a bullish trend remains applicable for the immediate period, unless there is a breach of the 23.00 level, substantiated by sustained movement below it.
The projected trading range for the present day spans from the support level at 23.20 to the resistance level at 23.80.
The envisioned trend for today remains bullish.
