Silver prices concluded the previous trading session below the critical level of 23.70, which serves to reinforce the prospects of an ongoing bearish trend on an intraday basis. The market now has its sights set on our next primary target at 23.00.
The negative pressure stemming from the EMA50 further supports the continuation of the anticipated bearish bias, with potential objectives extending as low as 22.25 following the breach of the prior level.
It is important to highlight that a decisive breach above 23.70 could trigger a reversal, propelling the price upward and setting it on a path to achieve gains that commence at 24.60.
For today’s trading session, the expected trading range is anticipated to range from the support level at 23.00 to the resistance level at 23.90.
In summary, silver prices have maintained their bearish momentum, successfully breaking a crucial level. The prevailing outlook leans bearish, but vigilance is essential around the 23.70 resistance level to assess the potential for a reversal.