Silver Prices Hold Steady Above $31.63, Eyeing $32.86 Target

Silver prices closed above the $31.63 mark, maintaining a bullish outlook for the near term. The market’s positive momentum is bolstered by the formation of a double-bottom pattern on the charts, signaling a potential move toward the $32.86 level as the next key target.

Adding to the optimism, the EMA50 indicator continues to provide support from below, strengthening the case for further gains. However, this upward trajectory remains contingent on prices staying above the critical support range of $31.63 to $31.45. A break below this zone could invalidate the positive scenario.

For the day, silver is expected to trade within a range of $31.60 as support and $32.50 as resistance.

Related topic:

How Do Silver Futures Work？

8 Things To Know Before Investing In Silver Futures

7 Steps To Buy Silver Futures