After experiencing temporary downward pressure in recent sessions that led to a test of the 23.70 level, silver price has commenced today on a positive note, signaling an intention to resume the intraday bullish trend. This positive shift is attributed to the support of stochastic indicators, fostering an expectation of a visit to the 24.60 level.
The continuity of the bullish trend remains both valid and active, further strengthened by the presence of the EMA50 (Exponential Moving Average 50). It is crucial to observe that a breach of the 23.70 level would expose the price to renewed negative pressure, potentially leading to a decline and targeting the 23.00 areas on a near-term basis.
As market dynamics unfold, the anticipated trading range for the current day is projected between the support level at 23.60 and the resistance level at 24.50. These delineations serve as key reference points for traders navigating the silver market.
The prevailing trend for today maintains a bullish outlook, contingent upon the sustained support at 23.70. Traders are advised to remain attentive to market developments and potential shifts in sentiment, with a particular emphasis on the critical support and resistance levels outlined above.
