Silver is testing the next level which is around $24.7

Precious metals open higher on Tuesday with gold and silver rising 0.9% and 1.9% respectively. Silver has surpassed last week's high, testing the next level which is around $24.7 since January 2022.

Comment:

Silver price resumes its positive trading to surpass the minor resistance 24.25 and reinforce the expectations of continuing the bullish trend in the upcoming sessions, waiting for more rise to head towards our main expected target at 25.00, motivated by stochastic positivity, taking into consideration that the continuation of the bullish wave depends on the price stability above 23.75.

The expected trading range for today is between 23.75 support and 24.80 resistance.

The expected trend for today: Bullish

Trade active:

Silver price reached few pips away from our waited target at 23.05 and begins to rebound bullishly from there, to hint heading to resume the main bullish trend and achieve gains that start at 23.75 and extend to 24.55.

Therefore, the bullish bias will be expected for today, motivated by stochastic current positivity, taking into consideration that breaking 23.05 will stop the positive scenario and press on the price to achieve more bearish correction.

Trade active:

Silver price faces solid resistance at the broken support of the bullish channel that appears on the chart, to show some temporary bearish bias, while the EMA50 provides the positive support to the price, to keep our bullish overview as long as 23.75 level remains intact, reminding you that we are waiting to visit 25.00 followed by 25.50 levels as next main stations.

Comment:

Silver price settles around 23.50 level since morning, waiting to activate stochastic positive signals to resume the rise that targets 24.20 followed by 25.00 levels mainly, to keep the bullish trend scenario valid unless breaking 23.05 and holding below it.