Silver Price Faces Downward Pressure but Resilient Support Emerges

by Jennifer

On February 20, 2024, the price of silver has experienced a continued descent, breaching the $23.00 level and attempting to sustain its position below it. This development suggests a potential shift towards a decline. However, noteworthy is the clear positive signals observed in the stochastic indicator, indicating a possible resurgence of positive trades on an intraday basis. The primary target for this upward movement is identified at $23.70.

Market analysts foresee a bullish bias in the upcoming trading sessions, emphasizing the importance of the price holding above the $23.00 level. Failure to trade above this critical threshold could expose the price to additional losses, potentially leading to a visit to the $22.25 areas in the near term.

Advertisements

Traders and investors are advised to monitor the expected trading range for the day, which is anticipated to fluctuate between the support level at $22.70 and the resistance at $23.40.

Advertisements

In summary, while silver faces some downward pressure, the emergence of positive signals in the stochastic indicator suggests a potential resurgence of bullish momentum, contingent on the price maintaining support above $23.00.

You May Also Like

blank

Bnher is a comprehensive futures portal. The main columns include futures market, futures exchanges, futures varieties, futures basic knowledge and other columns.

[Contact us: [email protected]]

© 2023 Copyright  bedgut.com – Futures Market, Investment, Trading & News