The silver market bore the brunt of substantial downward pressure, propelling prices toward the threshold of 23.70. As the trading day commences, this trend of pessimism persists, with prices breaching and making attempts to establish a foothold beneath the aforementioned level. This persistent pattern underscores the prevailing dominance of the bearish trajectory, setting the stage for a series of additional negative targets, encompassing a range down to 23.00.
In light of these developments, market participants brace for further anticipated losses within the scope of intraday trading. This sentiment is fortified by the prevailing negative force exerted by the 50-day Simple Moving Average (SMA). It is noteworthy, however, that a failure to solidify a position below the 23.70 mark could potentially herald a reversal, ushering prices into an upward trajectory and facilitating the recuperation of certain recent losses.
The projected trading range for the ongoing trading session spans between the support level of 23.10 and the resistant threshold of 23.90. Within this delineated spectrum, market dynamics will continue to dictate the intricate dance of price movements.
As the day unfolds, the established trend remains bearish in disposition, prompting vigilant scrutiny from market observers. Analysts and investors alike remain attuned to the unfolding shifts within the silver landscape, cognizant of the nuanced factors that shape the ebb and flow of the market.