The price of silver concluded the previous session beneath the 23.00 level. However, it’s noteworthy that the EMA50 is extending support from below, acting as a safeguard against further losses. This sets the stage for a potential resumption of positive trading and a reclamation of the aforementioned level, ultimately contributing to the reinstatement of the bullish trend.
Consequently, today’s outlook leans toward a bullish bias, with initial targets at 23.70 in focus. It is imperative to keep in mind that a breach of the 22.80 level could exert additional downward pressure on the price, potentially testing the 22.25 region before initiating any fresh bullish endeavors.
The expected trading range for the day is projected to span between the support at 22.60 and the resistance at 23.40, outlining the possible price range. The prevailing trend for the day is bullish.
