The silver price trend is exhibiting a more bullish bias, with a gradual approach towards the anticipated target at $23.70. The formation of an inverted head and shoulders pattern has played a role in supporting this bullish sentiment, coupled with the EMA50 providing upward momentum. There are indications that the price might surpass the mentioned level and achieve additional gains targeting $24.00, followed by $24.60.
Key Points:
Bullish Pattern Formation: The completion of the inverted head and shoulders pattern has contributed to the current bullish outlook for silver.
EMA50 Support: The price of silver has been supported by the EMA50, which has provided upward momentum to the market.
Target Levels: The awaited target for silver is $23.70, followed by the potential for further gains reaching $24.00 and $24.60.
Continued Bullish Trend:
The bullish trend is expected to persist in the upcoming period, with the likelihood of additional gains. This projection remains valid unless the price of silver breaks below the $23.00 level and sustains trading below it.
Trading Range Expectation:
For the current trading session, it is anticipated that the silver price will trade within a range bounded by a support level of $23.20 and a resistance level of $23.80.
