Silver Price Analysis:
Yesterday, silver prices concluded on a positive note by surpassing the $29.30 mark and settling above it. This movement indicates a bullish momentum, with expectations of further gains on an intraday basis. The next major target for silver is set at $30.06.
The bullish outlook for today is supported by the price trading above the EMA50 (Exponential Moving Average 50), reinforcing the upward momentum. However, it is crucial to monitor whether the price can consolidate above the $29.30 level. Failure to maintain this consolidation could exert downward pressure on silver, potentially revisiting initial support around $28.55.
Expected Trading Range:
The anticipated trading range for today spans between support at $29.00 and resistance at $29.90.
Trend Forecast: Bullish
In summary, the trend forecast for silver remains bullish for today’s trading session, contingent upon continued strength above the $29.30 level. Traders are advised to watch these key levels closely for potential entry and exit points, taking into account the ongoing positive momentum and potential price targets.
