Silver Price Awaits Positive Catalyst for Momentum

by Jennifer

The price of silver has been meandering within a sideways range since yesterday while maintaining its stability above the 23.00 level. This positioning keeps the prospects alive for a resumption of the anticipated bullish trend on an intraday basis, with an initial target set at 23.70.

The formation of a positive pattern by breaching the 23.20 level could serve as a motivating factor for the price, propelling it toward the suggested target. However, it’s crucial to bear in mind that a break below 23.00 would halt the bullish momentum and expose the price to potential new losses, with a bearish target situated at 22.25.

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For today’s trading activity, the expected range is anticipated to oscillate between support at 22.90 and resistance at 23.60.

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In summary, the current outlook leans towards a bullish sentiment, contingent upon the price holding above 23.00, while the breach of 23.20 could further drive the positive momentum.

 

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