The price of silver maintains stability around the 22.50 level, with a prevailing bearish bias anticipated to lead to a test of the 22.25 level. This level represents the primary target for the current downward wave, influenced by the completion of a previously formed head and shoulders pattern. A successful breach of this level could trigger further negative movements, with potential targets extending to 21.35.
The overall outlook suggests a continuation of the bearish trend unless the price exhibits a rally to surpass the 23.00 level, supported by a daily close above this threshold.
Traders should be attentive to the trading range, expected to fluctuate between the support at 22.10 and the resistance at 22.80. The broader trend remains bearish, contingent on the ability of the price to breach key resistance levels.
