The price of silver has demonstrated a persistent lack of strength, as it recently experienced a bullish rebound, testing the critical resistance level at 23.70. Notably, the price has failed to secure a position above this pivotal threshold, leading to a phase of consolidation below, subsequently instigating a series of subdued negative trading sessions. This subdued price action suggests an impending continuation of the anticipated bearish trajectory on an intraday basis.
In light of this, our bearish outlook maintains its validity for the imminent period. The technical indicators further bolster this stance, as they currently emit distinct signals of a negative nature. It is pertinent to reiterate that our initial target rests at 23.00, and the achievement of this objective necessitates a sustained position below the 23.70 level.
For the ongoing trading session, market participants should anticipate a trading range delineated by the support at 23.00 and the resistance at 23.85. The prevailing trend for the day remains firmly entrenched in a bearish disposition.