Silver prices have reached an initial target of $34.70, making an attempt to break through this level as they approach the next target of $35.00. However, the price faces a significant barrier at the resistance line of a bullish channel, as illustrated in the accompanying chart. Market analysts are awaiting a positive catalyst to drive prices above these resistance levels, which could lead to further gains, potentially extending to $35.55.
Despite this upward potential, current bearish momentum indicated by the Stochastic oscillator may pose challenges for silver’s rise, leading to possible temporary fluctuations within a sideways range. A critical support level has been identified at $34.25; a break below this threshold would negate the positive outlook, resulting in a bearish correction before the price could potentially rebound.
For today, the anticipated trading range for silver is projected between a support level of $34.20 and a resistance level of $35.10.
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