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Today, July 17, 2024 – Silver prices have successfully breached the $31.00 level, consolidating above it and reinforcing expectations of a continued bullish trend in the short term. Analysts anticipate potential moves towards $31.50 and subsequently $32.00, identified as the next key resistance levels.
However, market indicators such as Stochastic negativity may lead to temporary sideways movements. Traders are advised to await positive momentum that could propel prices towards the aforementioned targets. A break below $31.00, followed by $30.50, would shift the scenario, exposing the market to corrective bearish pressures.
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The projected trading range for today spans between support at $30.90 and resistance at $31.80.
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Trend Forecast: Bullish
