Silver prices experienced evident downward pressure in the previous session, breaking the 23.70 level and settling below it. This suggests a potential decline on the intraday basis. However, it is notable that technical indicators are providing positive signals, which could contribute to a price recovery.
Given the contradiction among technical indicators, it is advisable to adopt a wait-and-see approach until the price confirms its position concerning the mentioned level. A sustained position below 23.70 would likely drive the price towards 23.00. Conversely, a breach of this level would be a key indicator for the resumption of a bullish wave targeting 24.60 as the next significant station.
The expected trading range for the current session is between support at 23.20 and resistance at 24.10. The overall trend projection for today is considered neutral. Traders are urged to closely monitor the price action, taking into account the identified support and resistance levels when formulating their trading strategies.
