In the recent trading session, silver witnessed a pronounced downturn, nearing the anticipated target at 22.25. It is worth noting that the price has rebounded with a bullish trajectory, aiming for a potential test of the key resistance at 23.00. The convergence of the EMA50 with this resistance level adds substantial strength, while the stochastic indicator signals a loss in positive momentum, indicating clear overbought conditions at present.
Given these factors, the bearish outlook is maintained for the foreseeable future. A decisive break below 22.25 is poised to extend the bearish momentum, targeting levels at 21.75, followed by 21.35. Conversely, a breach of the 23.00 resistance level would introduce a positive element, fostering a bullish wave with initial targets at 23.40 and 23.70, respectively.
For today’s trading, the expected range is foreseen between the support at 22.25 and the resistance at 23.00.
In summary, the prevailing trend for the day leans bearish, contingent upon the crucial break below 22.25. Traders are advised to monitor these key levels attentively for potential shifts in the market’s direction.
