Silver price has unmistakably breached the support line of the previously established bullish channel, signaling a shift towards a bearish trajectory on an intraday basis. The initial downside target in sight is the 23.70 level. It is imperative to exercise vigilance when this level is approached, as a successful breach of 23.70 would be pivotal in extending the bearish momentum, potentially leading to further negative targets at 23.00.
Consequently, the forthcoming trading sessions are expected to witness a bearish sentiment. It should be noted that a break above the 24.25 mark could trigger a return to a bullish track, with initial positive milestones at 24.60, followed by 25.00.
For today’s trading, the anticipated range is projected between the support level at 23.40 and the resistance at 24.10, indicative of the possibility of price fluctuations in the silver market.
In summary, the silver market has experienced a significant break in its support, prompting a bearish phase with an initial target of 23.70. Further downside potential lies at 23.00, while a breach of 24.25 could pave the way for a return to a bullish trajectory, targeting 24.60 and 25.00 as immediate milestones.
