The price of silver has successfully reached our previously forecasted target of 24.60. Notably, the price has not only reached but also broken below this level, signaling a pathway for a sustained decline with additional downside targets, particularly around 23.70 in the short term.
This implies the continuation of a bearish bias for the intraday period, a sentiment supported by the price trading below the EMA50, exerting negative pressure. It’s crucial to monitor the price’s behavior around the breached level of 24.60; a decisive move above this point might halt the suggested decline, potentially leading to a reversal and upward movement.
The anticipated trading range for today is expected to fluctuate between the support at 24.00 and resistance at 24.85.
Today’s Expected Trend: Bearish
