Silver prices concluded yesterday’s session below the crucial level of 22.25, indicating a potential inclination towards achieving further negative targets. However, today’s trading activity has commenced on a positive note, with attempts to surpass this level influenced by stochastic positivity. This has introduced a level of contradiction between technical factors, prompting a cautious approach until the price establishes a clear position relative to the mentioned level.
It is noteworthy that sustained trading below 22.25 could propel the price towards the next negative station at 21.35. Conversely, a breach of this level would serve as a key catalyst for constructing an intraday bullish wave, with the initial target set at 23.00.
Today’s projected trading range is expected to fluctuate between the support level at 21.80 and the resistance at 22.80. These levels are critical reference points for traders, offering insights into potential price movements.
In summary, the expected trend for today is deemed neutral, reflecting the current ambiguity arising from mixed signals. It is recommended to observe the price action around the pivotal 22.25 level to gain clarity on the next directional move in silver prices.
