Silver prices are currently testing strong resistance at the $30.06 level. The key for further upward movement is a positive catalyst that could enable the price to break through this resistance and target the next level at $31.00.
Stochastic indicators are showing signs of overcoming their previous negative momentum and gaining positive traction on intraday charts, reinforcing the bullish outlook.
Support from the 50-period Exponential Moving Average (EMA) also supports this optimistic scenario, provided that prices remain above the $29.30 level. A drop below this support and sustained trading below it would negate the positive forecast.
Today’s anticipated trading range is between $29.60 on the support side and $30.35 on the resistance side.
Trend Forecast: Bullish
