Silver price experienced a bearish rebound after encountering significant resistance at 22.25. The price retraced and tested the EMA50, which has acted as a strong support level. As a new day begins, the price is set to move in a positive direction, aiming to challenge the aforementioned resistance level. A successful breach of this level would pave the way for an advance toward the next primary target at 23.00.
As things stand, our bullish outlook remains valid. This view is reinforced by the current positive crossover signal displayed by the stochastic indicator. However, it’s essential to be mindful that any drop below 21.85 would divert the price towards testing the critical support at 21.35 before embarking on another bullish attempt.
Today’s projected trading range oscillates between the support at 21.70 and the resistance at 22.40. The overall trend for today leans bullish, but it is contingent on the conditions specified above.
