Silver prices have sustained a downward trajectory, breaching the crucial 23.00 level and concluding the daily candlestick below it. This decisive move confirms the resumption of the bearish trend on an intraday basis, influenced by the completion of the previously formed head and shoulders’ pattern. The technical setup now paves the way for a further descent, targeting 22.25 as the next primary objective.
The negative pressure from the EMA50 adds weight to the continuation of the suggested bearish wave, emphasizing its validity contingent upon the price maintaining stability below the 23.00 mark.
In today’s trading, the anticipated range is expected to fluctuate between the support at 22.30 and resistance at 23.00, underscoring the prevailing volatility in the silver market.
The overall trend for today is deemed bearish, prompting vigilance among traders who should closely monitor price movements and key support/resistance levels. The sustained breach of the 23.00 support level signifies a critical juncture, setting the tone for the evolving dynamics in the current silver market scenario.
