Silver prices have surpassed the $31.00 mark and closed above it, bolstering expectations of a continued bullish trend for both intraday and short-term periods. The metal is now poised to target $31.50 and subsequently $32.00, which are considered the next major milestones.
However, the stochastic indicator’s current negativity could lead to temporary sideways movements as the market seeks to build positive momentum. This momentum is crucial for driving prices toward the projected targets. A decline below $31.00, followed by a drop to $30.50, could disrupt the positive outlook and potentially shift the market into a correctional bearish phase.
For today, silver is expected to trade within a range of $30.90 for support and $31.80 for resistance.
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