Silver prices are currently confined within a bullish pennant pattern, as indicated on the charts. A decisive breach of the $31.00 mark is required to activate the positive momentum associated with this pattern, potentially driving the price towards our next targets of $31.50 and $32.00.
Given this setup, we maintain a bullish outlook for the near term. However, it is crucial to note that if the price falls below $30.55, the anticipated upward movement will be negated, leading to a decline instead.
For today’s trading session, the expected range is between the $30.60 support level and the $31.50 resistance level.
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