Date: August 24
The silver price has continued its bullish rally, successfully reaching and surpassing the first extended target at $24.00. The momentum has further pushed the price closer to the additional target at $24.60. This trend is expected to persist, potentially leading to more gains in the short term. Breaking through the $24.60 level would not only signify the achievement of the stated targets but also signal the end of the recent bearish correction, paving the way for a return to the main bullish trend.
Key points from the analysis include:
The ongoing bullish momentum in the silver market has driven the price to achieve the initial extended target at $24.00. The breach of this level indicates a strong upward movement.
The market is now approaching the next target at $24.60, which holds the potential for further gains.
Breaking through the $24.60 level is significant as it confirms the cessation of the recent bearish correction that had been influencing recent trading sessions. This would mark a return to the primary bullish trend.
Based on this analysis, a continued bullish bias is anticipated in the upcoming trading sessions, unless the price breaks below the support level of $23.70 and sustains trading below it.
The projected trading range for the current day is estimated to be between the support level of $23.90 and the resistance level of $24.70.
Market participants and traders are closely monitoring the silver market for further price movements, as well as potential developments that could influence the ongoing bullish trend.
