Main Scenario: After the big slump in silver prices, the precious metal managed to stay in up trend on daily basis. As long as silver stays above main support levet at 23.13, the precious metal may gain momentum to breach 26.17 resistance level. Once this level is breached, silver may gain momentum to test 26.91 level.
Target Expectation: 0.7203
Considerations Supporting The Scenario: After the big slump seen on tuesday and early trading session in Asia, low prices seem to attract fresh buyers from dip levels.
Alternative Scenario: An alternative expectation may be taken into account in case of a daily close below 23.13 price level.
Positive Alternative Target Expectation: 26.91 – 27.92
Negative Alternative Target Expectation: 23.13 -21.36