Silver Price Forecast for May 28, 2024: Bullish Momentum Continues

by Jennifer

Silver Price Analysis:

Silver prices have surged significantly, surpassing the pivotal level of $31.00 and establishing a foothold above it. This development signals the conclusion of the recent bearish correction and sets the stage for anticipated gains in the forthcoming sessions.


Expected Scenario:


A robust rally is anticipated, with the price targeting a test of the recent high at $32.50 as the primary objective. Should this level be breached, the bullish momentum may extend further, aiming for $33.25 as the next significant milestone. The prevailing bias leans towards bullishness on both intraday and short-term horizons. However, a break below $31.00 would impede the bullish momentum and potentially initiate a new bearish correction.

Expected Trading Range:

The projected trading range spans between the support level of $31.40 and the resistance level of $32.50.

Trend Forecast: Bullish

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