Silver prices have recently broken through a significant resistance line of a bullish pennant formation, signaling potential for further gains in the near future. The price action indicates a positive trend as silver attempts to establish itself above this key technical level.
With this development, the market is poised for an expected bullish trajectory aiming for initial targets of $31.50, with the potential to reach up to $32.00 as subsequent price milestones. The Stochastic indicator supports this optimistic outlook, offering a positive overlap signal that aligns with expectations for continued upward movement.
However, it is crucial to note that a failure to maintain momentum above $31.00 could lead to a corrective pullback, potentially testing the $30.06 support level before any renewed attempts to ascend.
For today, the projected trading range for silver is between a support level of $30.70 and a resistance level of $31.50.
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