The price of silver demonstrated notable strength in recent trading, breaking through the resistance at $24.85 and concluding the day with a bullish close above this level. This development signals a positive momentum shift on the intraday basis and signifies a potential continuation of the overarching bullish trend.
Our analysis supports a bullish outlook, with anticipated price targets set at $25.50 initially, followed by an extension towards $26.07. This bullish bias is expected to persist in the upcoming sessions, further bolstered by positive stochastic indicators.
However, it is crucial to monitor the consolidation above the $24.85 level closely. Failure to maintain this level may prompt a corrective bearish movement, with initial targets around the $24.30 mark.
For today’s trading activities, the projected trading range is delineated as follows:
– Support: $24.70
– Resistance: $25.40
In summary, our trend forecast remains bullish, reflecting the expectation of continued upward momentum in the price of silver.
