Silver prices have continued their downward trajectory, approaching the $30.63 level. However, technical indicators suggest potential for a reversal. The stochastic oscillator has gained positive momentum, now crossing over in a bullish alignment, which may prompt a resumption of the anticipated upward trend in the coming period.
Initial resistance for silver lies at $31.63, and a breakout above this level could drive the price higher, with the next targets set at $32.25 and $32.86. On the other hand, a drop below $30.63 would invalidate the bullish outlook, signaling a potential shift toward a bearish trend.
For today, silver’s trading range is expected to fluctuate between the support level at $30.70 and resistance at $31.63.
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