Yesterday, silver prices experienced significant downward pressure, successfully reaching our anticipated target at $23.00. Notably, the closing below this level reinforces the potential for the continuation of the bearish trend on an intraday basis. This negative sentiment is influenced by the completion of a head and shoulders pattern, with the next downside target set at $22.25.
Expectations point towards further declines in the upcoming sessions. However, it is crucial to observe the $23.00 level closely, as a breakthrough and a sustained position above it could trigger attempts at recovery. In such a scenario, the price might initiate an intraday bullish wave, targeting the testing of $23.70 before any new downside attempts.
The projected trading range for the current session is expected to fluctuate between support at $22.40 and resistance at $23.20.
Anticipated Trend for Today: Bearish
