Silver prices have once again tested the critical support level of $28.00, maintaining stability above it for the time being. The convergence of the EMA50 with this support level lends added strength, bolstered by clear positive signals from stochastic indicators.
Analysts suggest that there are viable opportunities for the resumption of the primary bullish trend in forthcoming sessions, with the next significant target set at $29.80. However, a breach below $28.00 could interrupt the anticipated upward movement, potentially triggering further bearish correction, with the subsequent target identified at $26.90.
The anticipated trading range is expected to oscillate between the support level of $28.00 and the resistance level of $28.80.
Despite the recent test of support, forecasters maintain a bullish outlook on silver prices, forecasting continued positive momentum in the near term.
