Silver prices have successfully reached the anticipated target of $26.90, finding robust support at this level, which represents the 38.2% Fibonacci correction level for the recent rise from $22.26 to $29.78. Encouraging signals from the stochastic indicator bolster the likelihood of an intraday bullish wave in the forthcoming sessions, with an initial target set for testing the $28.00 mark.
Market expectations favor positive trading dynamics for today. However, a decisive break below the support level at $26.90 would disrupt the optimistic scenario, potentially triggering further bearish correction, with the subsequent target zone lying around $26.00.
The expected trading range is forecasted to fluctuate between the support level at $26.70 and the resistance level at $27.50.
Trend Forecast: Bullish
