In today’s silver price analysis for April 16, 2024, the metal has exhibited a bullish bounce after testing the $28.00 support level in previous sessions. This resurgence has led to the continuation of the bullish trend within the established bullish channel on the chart. As a result, we anticipate that the price will strive to reach our main target at $29.80.
Although stochastic negativity may temporarily slow down the bullish momentum and cause some sideways fluctuations, the overall trend remains bullish for the foreseeable future, unless the price breaks below $28.00 and sustains its position below this level.
The expected trading range for today is projected to be between $28.50 as support and $29.20 as resistance.
Trend Forecast: Bullish
