Silver prices exhibited a robust upward rally in the recent trading session, bringing them in proximity to the awaited target at 23.70. Presently, there is a mild bearish bias, and the market is poised to potentially test the pivotal support level at 23.00. It is noteworthy that the EMA50 aligns with this support, adding an additional layer of strength to this level. Concurrently, the stochastic indicator indicates clear positive momentum.
These factors collectively bolster our confidence in suggesting a continued bullish trend in the upcoming period. It’s worth noting that if the aforementioned target is surpassed, this bullish wave may extend to reach levels around 24.60. However, should the price breach 23.00, it could interrupt the anticipated rise and push the market towards a corrective decline.
Today’s Expected Trading Range and Trend
The projected trading range for the current day is expected to vary between 22.90, providing support, and 23.70, serving as a resistance level. The prevailing trend for today is bullish, reflecting the positive sentiment surrounding silver prices.
Market participants are encouraged to vigilantly monitor these developments as they formulate their strategies and positions in response to the evolving dynamics within the silver market.
