Silver prices experienced a notable downward rebound after a failed attempt to breach the 24.00 resistance level. The decline resulted in breaking the 23.70 support level, raising concerns about a potential return to a bearish trajectory. Despite this, the stochastic indicator displays positive signals, indicating a possible recovery.
The conflicting indications from technical indicators prompt a cautious approach, suggesting observers remain on the sidelines until the price establishes a clear stance concerning the 23.70 level. A sustained position below this level could lead to further bearish momentum, targeting 23.00 as the subsequent negative milestone. Conversely, a breakthrough might reignite a bullish trend, targeting 24.60.
Today’s expected trading range is anticipated between the support at 23.10 and the resistance at 24.00.
Today’s Trend: Neutral
