Silver prices have encountered substantial support as they struggled to breach the critical 23.00 level. Instead, they have consolidated above this level and initiated efforts to construct a bullish wave on an intraday basis, with an eye on reaching the next significant milestone at 23.70.
Technical indicators, such as the Stochastic oscillator, are emitting positive signals that underpin the envisioned rise for the current trading session. It is crucial to note that breaking below 23.00 would interrupt the ongoing bullish trend and potentially lead to a resumption of the bearish sentiment.
As the trading day unfolds, the anticipated trading range is expected to span between support at 22.85 and resistance at 23.50.
In summary, silver prices have exhibited resilience by finding substantial support at 23.00. The current outlook leans toward a bullish trend, reinforced by positive signals from the Stochastic indicator. Nevertheless, vigilance is advised, as a breach of 23.00 could shift sentiment back towards the bearish side.
