Silver prices have resumed their decline, exhibiting a bearish bounce subsequent to nearing the initial targeted level of 23.45. The EMA50 has notably established a formidable barrier, prompting the resumption of the bearish trajectory, with the metal settling below the 23.00 mark. This sets the stage for further declines, with a primary target focused on the 22.25 areas.
The enduring impact of the head and shoulders pattern remains influential, reinforcing the prospects of the anticipated bearish wave. It is crucial to note that sustained consolidation above 23.00 could act as a catalyst for price recovery, potentially propelling it to revisit 23.40 and potentially extend to 23.70 before any renewed attempt at decline.
For today’s trading expectations, the support is anticipated at 22.50, while resistance is projected at 23.20.
The prevailing trend for the day leans towards a bearish outlook, emphasizing the ongoing downward momentum in silver prices. Traders should exercise caution and closely monitor price movements, particularly in relation to the crucial support and resistance levels.
