Silver prices have encountered renewed downward pressure, with the metal trading below the key level of 23.00. This retreat comes after a recent attempt to breach the 23.00 barrier, reinforcing the validity of our bearish outlook for the foreseeable future. The market now appears poised to test 22.25 as the next prominent target.
The bearish sentiment is further substantiated by the price’s descent below the EMA50, lending support to the continuation of the anticipated decline. Notably, the price is forming a negative pattern, evident on the price chart, which may pave the way for the realization of additional bearish objectives that surpass the aforementioned level, with 21.35 representing a near-term destination. It is imperative to underline that the price must remain below 23.00 to sustain the expected bearish trend.
For today’s trading session, market experts anticipate a range with 22.45 serving as support and 23.10 as resistance, affirming the prevailing bearish trend in the silver market.
In summary, silver prices have once again declined, with the market on track to test 22.25 as the next significant target. Traders should closely monitor price dynamics as the bearish sentiment remains dominant, while paying heed to critical support and resistance levels that may influence the market’s course.
