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
