The price of silver struggled to maintain its position above the 23.00 level, resulting in a noticeable decline towards the 22.25 level. It is apparent that the price has remained below 23.00, which is indicative of a potential for further downward movement in the upcoming trading sessions.
The prevailing outlook suggests a decline on an intraday basis. The presence of the price below the EMA50 (Exponential Moving Average) supports the continuation of the bearish trend proposed for this period. It’s crucial to monitor the 23.00 level as a critical point; a successful breach of this resistance could halt the current negative scenario and potentially initiate a price recovery.
For today’s trading, experts anticipate a trading range with support at 22.40 and resistance at 23.10. The overall trend for the day is expected to be bearish, contingent upon the price’s ability to surpass the 23.00 resistance level.
