Silver prices opened positively today, breaching the $33.70 level and attempting to maintain above it. This movement suggests a potential halt to the recent intraday bearish correction. However, the stochastic indicator indicates a notable loss of positive momentum, raising concerns about a possible return to a bearish correction.
Given the conflicting technical indicators, analysts recommend a cautious approach until the market clarifies its position concerning the $33.70 level. A confirmed break above this level could lead to gains, with initial targets set at $34.25, potentially extending to $34.85. Conversely, if prices fall back below $33.70, the bearish correction scenario may resume, targeting a subsequent low of $33.04.
Today’s expected trading range for silver is between a support level of $33.40 and a resistance level of $34.30.
Related topic: