In the latest midday update for silver prices, it is noted that the precious metal recently tested the 21.35 level and experienced a bearish reversal from that point. This development has helped to sustain the prevailing bearish trend for the day. Several factors are contributing to this bearish outlook.
Firstly, there is support for the bearish sentiment from the Stochastic indicator, which is displaying a decline in positive momentum. Additionally, the presence of the EMA50 (Exponential Moving Average 50) is exerting negative pressure on silver prices.
The primary focus for potential price movements is set at breaking the 20.70 level, as doing so would pave the way for a further decline towards the 19.90 level. It is crucial to emphasize that maintaining a position below the 21.35 level is a critical factor in achieving the suggested price targets.
The projected trading range for the day is expected to be between the support level of 20.60 and the resistance level of 21.50.
As for the overall trend in silver prices, the prevailing sentiment remains bearish based on the factors mentioned above. This assessment provides valuable insights for traders and investors in the silver market.
