Silver prices experienced a brief downturn yesterday, testing the 50-period Exponential Moving Average (EMA). However, with the stochastic indicator now showing a positive overlap, there is potential for prices to resume their expected upward trend on an intraday basis. Initial price targets are set at $31.63, with a further extension to $32.20 if the previous resistance level is breached.
Maintaining support above $30.63 is critical for the continuation of the bullish outlook. A drop below this level could introduce additional bearish pressure, with the next support target at $29.63.
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The anticipated trading range for today is between $30.80 for support and $31.70 for resistance.
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