Silver prices exhibited favorable upward momentum during the previous trading session, approaching our expected target at $23.70. However, a subsequent bearish correction brought the price down to test the critical support level at $23.00.
The current focus should be on the price’s behavior around the $23.00 support level. A successful hold above this support suggests the potential for a renewed bullish move in the short term. Conversely, a breach below $23.00 may trigger a bearish trend, with initial downside targets beginning at $22.25.
Given the present uncertainty, it is advisable to exercise caution and await confirmation of the price’s direction concerning the $23.00 level before making trading decisions.
For today’s trading, the expected range is between support at $22.70 and resistance at $23.50, with an overall neutral trend bias.