Silver prices are currently in a negative trading mode, with a decisive break below the 23.00 level. This development effectively halts the previously suggested bullish scenario and ushers in a bearish phase for the precious metal. The price is now on course to test the 22.25 support area.
The prevailing bearish sentiment is reinforced by the downward pressure exerted by the EMA50. However, it’s essential to note that a breach of the 23.00 level would alter this bearish outlook and open the door for potential attempts to initiate a bullish wave on the intraday basis.
For today, traders should be attentive to a trading range anticipated between the support level at 22.50 and the resistance level at 23.10.
The overall trend for today leans towards a bearish bias, suggesting potential selling opportunities in line with this outlook.
