The decline in silver prices has come to a halt, finding support at $22.50 and subsequently rebounding above $23.00. This upward movement suggests a potential recovery and the prospect of achieving gains in the forthcoming period.
Upon closer examination of the chart, a newly forming inverted head and shoulders pattern is evident. The confirmation line for this pattern is positioned at $23.30. A breach of this level is expected to propel the price beyond the initial positive target at $23.70, paving the way for a rally towards the next station at $24.60.
As a result, positive trades are anticipated in the upcoming sessions unless the price breaks below $23.00, with a subsequent support level at $22.85. Maintaining a position below these levels could alter the current bullish outlook.
For today’s trading activities, the expected range is between the support level at $22.85 and the resistance level at $23.60.
In conclusion, the anticipated trend for today leans towards the bullish side, reflecting the potential for further upward movement in silver prices. Investors are closely monitoring key levels for any shifts in market dynamics.
