Silver prices are currently situated around the key level of 23.00 and are making efforts to consolidate above it. Meanwhile, the stochastic oscillator is gradually accumulating positive momentum, creating an environment conducive to a potential resumption of the anticipated bullish trend in the intraday context. The next primary target for this bullish movement is positioned at 23.70.
An important development to monitor is the potential breakthrough of the 23.20 level, which would facilitate the realization of the suggested upward trajectory. Conversely, a breach of the 23.00 level, coupled with a sustained position below it, could exert negative pressure on the price, with an initial target situated at 22.25.
For today’s trading, the anticipated range is projected to fluctuate between the support level at 22.80 and the resistance barrier at 23.50. Market participants are advised to keep a close watch on this range as it may offer valuable insights into potential shifts in market dynamics.
In summary, silver prices currently teeter on a critical support level of 23.00 while gradually building positive momentum. The intraday outlook leans towards a bullish trend with a primary target at 23.70, contingent on maintaining the support at 23.00. Conversely, a breach of this support could result in a downturn with an initial target at 22.25.
