Silver prices have surged, surpassing the first target at $31.63 and reaching the second target at $32.20. A closer look at the chart reveals the formation of a double bottom pattern, a bullish signal that suggests further upside potential in the near future. The next key target is seen at $32.86.
The 50-period Exponential Moving Average (EMA50) continues to provide strong support from below, reinforcing the positive outlook for silver. This bullish trend remains intact unless silver breaks below the $31.63-$31.45 support range and holds beneath these levels.
Trading Outlook
The bullish trend is expected to continue today, with the price likely to target $32.86 in the near term, provided the $31.63-$31.45 support zone holds.
Expected Trading Range: Between $31.50 (support) and $32.50 (resistance).
Trend Forecast: Bullish.
Unless there is a significant drop below the support levels, silver is likely to maintain its upward momentum.
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