Silver prices experienced a decline after nearing the $30.06 mark, testing the crucial support level at $29.30. However, the price has shown signs of consolidating above this support level and is beginning the day with a bullish bias. This trend suggests that silver may resume its upward trajectory on both an intraday and short-term basis, with initial targets set at $30.06 and potentially extending to $31.00 if the previous resistance level is surpassed.
The Stochastic indicator is demonstrating positive momentum, reinforcing expectations of a price increase. However, a break below the $29.30 support could halt the bullish trend and lead to a potential decline.
For today, the anticipated trading range for silver is between the support level at $29.30 and the resistance level at $30.06.
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