On April 23, 2024, the silver price reached the anticipated negative target, demonstrating a contrasting trend to expectations. Successfully attaining our awaited target at $26.90, it found substantial support at this level, representing the 38.2% Fibonacci correction level for the rise from $22.26 to $29.78.
Positive signals from stochastic indicators suggest the potential commencement of an intraday bullish wave in the forthcoming sessions, with an initial target set at $28.00. Today’s trading outlook leans towards positivity, with expectations of favorable trades. However, a break below the $26.90 mark would disrupt the positive scenario and could prompt the price to undergo additional bearish correction, targeting the next support level at around $26.00.
Traders should anticipate a trading range between the support level at $26.70 and the resistance level at $27.50.
Despite the recent deviation from expectations, the overall trend forecast for silver remains bullish, reflecting the prevailing market dynamics.
