Silver price has successfully breached the $30.63 level, closing above it with a daily close, reinforcing the bullish outlook within the upward channel visible on the chart. This breakout opens the path for further gains, with the main target now set at $31.63.
The support provided by the EMA50 strengthens the expectation for continued bullish momentum. However, if the price falls below $30.63, the intraday trend may shift to a bearish direction, potentially revisiting the $30.00 level, and possibly extending towards the $29.63 area.
The expected trading range for today is between $30.60 (support) and $31.50 (resistance).
Trend Outlook: Bullish
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