Silver price is currently navigating around the critical support level of 24.60, maintaining its stability above this pivotal point. The stochastic indicator is noteworthy for shedding its negative momentum and approaching oversold areas, suggesting a potential resurgence of positive momentum. This development is anticipated to propel the price to resume the expected bullish trend in the upcoming period, with primary targets identified at 25.00, followed by 25.50.
The ongoing bullish trend scenario is underpinned by the presence of a double bottom pattern, evident on the chart. It is crucial for the price to remain above 24.60 to sustain the anticipated upward movement. A breach of this support level may alter the trajectory, leading to a potential shift towards a bearish direction.
For today’s trading, the projected range is anticipated to be between the support at 24.30 and the resistance at 25.10. Traders are advised to monitor these levels closely for potential market dynamics.
Expected Trend for Today: Bullish
