Silver Price Tests Key Support Level

Silver price has recently tested the support level at 23.00 and maintains its stability above it. It’s worth noting that the stochastic indicator is gradually shedding its negative momentum. This development may serve as a catalyst for the price to continue its bullish rally, with an initial target set at 23.70. It’s important to highlight that breaking through this level will extend the bullish momentum, pushing the price towards 24.60.

The EMA50 continues to provide support for the suggested bullish trajectory, which remains valid as long as the price remains above 23.00.

For today, the anticipated trading range is between the support at 22.90 and the resistance at 23.70. The overall expected trend for today is bullish.