Silver prices continue their descent, reaching the anticipated target at 23.70. This level holds particular significance as it represents the previously breached neckline of the double bottom pattern evident on the chart. The outcome at this juncture will be instrumental in determining the subsequent trend. A consolidation above 23.70 is poised to reignite the bullish trajectory, with an initial target set at 24.60. Conversely, a break below this level will subject the price to additional downward pressure, potentially paving the way to target 23.00 in the near term.
Given the current circumstances, market observers and traders are adopting a cautious stance, opting to wait for price confirmation relative to the critical 23.70 level. The subsequent targets will then be assessed with greater clarity.
The expected trading range for the ongoing session is anticipated to fluctuate between support at 23.40 and resistance at 24.30. As of now, the market sentiment remains neutral, with a preference for sideline positioning until the price action and direction become more evident.
