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Silver Price Tests Moving Average, Eyes Positive Momentum

by Jennifer

Silver prices experienced a bearish bounce after reaching the anticipated target of 24.60. The current testing of the EMA50, serving as a robust support, suggests a potential resumption of positive trades. The market outlook remains bullish on an intraday basis, with an optimistic trajectory supported by positive stochastic indicators.

The focus is now on the next positive target at 25.50, pending the successful surpassing of the current level. It’s essential to note that the bullish scenario remains valid as long as the support level at 23.70 is not breached. A break below this level could halt the expected upward movement, leading to a shift towards a decline in prices.

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For today’s trading, the expected range oscillates between the support at 23.90 and resistance at 24.70.

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The prevailing trend for today is anticipated to be bullish, underlined by the positive market sentiment surrounding silver prices.

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