Silver price achieved additional gains in the previous session, reaching the awaited target of 25.00. However, the price exhibited a subsequent bearish rebound, exerting pressure on the pivotal support at 24.60. The stochastic indicator, in the meantime, demonstrates clear positive momentum as it enters the oversold territory.
In light of these developments, we maintain the view that the potential for a resumption of the anticipated bullish trend in the intraday context remains strong. This would likely propel the price towards its subsequent target at 25.50. It is important to note that a breach of the support at 24.60 would negate the projected ascent and prompt a shift towards a bearish trajectory.
The projected trading range for today spans from the support level at 24.35 to the resistance level at 25.00. The prevailing trend leans bullish as we closely monitor the market’s evolution.
