Silver prices experienced a downturn in recent trading sessions, dipping below the $30.50 mark to test key support at $30.06. Despite this setback, the metal showed resilience by consolidating above the support level at the start of today’s session, indicating potential for a rebound and a return to the dominant bullish trend. Analysts anticipate initial targets around $31.00, with potential for further gains towards $31.50 and $32.00 upon breaching resistance.
Positive overlaps in the Stochastic indicator further bolster expectations of upward movement in upcoming sessions. However, a decisive break below $30.06 could expose silver to extended losses, potentially down to $29.30.
Today’s anticipated trading range remains between support at $30.00 and resistance at $31.00, highlighting ongoing volatility and mixed trading signals in the silver market.
