Silver price has made a clear break below the 23.00 level, concluding the previous session beneath this crucial support. This break signals a shift towards further declines, with the next downside target set at 22.25. It’s essential to keep in mind that breaking below this level could lead to additional losses, potentially extending to 21.35 in the short term.
The bearish sentiment is bolstered by the price moving below the EMA50 (Exponential Moving Average 50), further supporting expectations of a decline in the current session. This bearish outlook remains in effect unless the price manages to successfully breach the 23.00 level and maintain a position above it.
For today’s trading, the expected range is projected to span between the support at 22.25 and the resistance at 23.00, reflective of the prevailing bearish trend.
Current Trend: Bearish
