Silver prices registered intraday gains, reaching the 23.00 level before retracing bearishly, signaling a potential continuation of the expected bearish trend on an intraday basis. The market is now poised to test the 22.25 level initially, with a noteworthy reminder that breaching this level could propel the price toward the 21.35 mark.
It is essential to note that the bearish trend scenario remains both valid and active for the foreseeable future, contingent on the price sustaining below 23.00. A breach and sustained hold above this level, however, could challenge the bearish outlook.
The projected trading range for today is expected to fluctuate between the support at 22.10 and the resistance at 23.00. These parameters outline the anticipated range within which the bearish sentiment is likely to play out.
As of the latest analysis, the prevailing trend for the day is deemed bearish, emphasizing the expectation of further downside movements. Traders and investors are advised to closely monitor developments and adjust their strategies in response to potential shifts in market dynamics.
