New York, NY, September 28, 2023 (GLOBE NEWSWIRE) – In the midday update for silver, the precious metal’s price is currently navigating a tight and consolidative track since the morning session. As long as silver remains below the critical level of 23.00, the bearish outlook is expected to persist for today.
This bearish sentiment is reinforced by the presence of the Exponential Moving Average (EMA) 50, which exerts downward pressure on the price. Traders are reminded that the downside targets begin at 22.25 and extend further to 21.35 once the preceding level is breached.
For today’s trading, the projected trading range spans from the support level at 21.90 to the resistance level at 22.70. These levels serve as pivotal reference points for traders to gauge potential price movements in the silver market.
In summary, the midday update for silver underscores the consolidation of prices within a narrow range. A bearish bias prevails as long as the crucial level at 23.00 remains unbreached, with downside targets in focus.