Silver price successfully reached the initially anticipated target at 23.45 and experienced a notable downward bounce. This movement was prompted by the resistance formed at 23.45, representing the broken neckline of a head and shoulders pattern evident on the chart. The persistence of this pattern suggests the continued influence of bearish sentiments, with expectations for the metal to resume its downward trajectory on an intraday basis, targeting the next key level around 22.25.
The overall bias remains bearish in the upcoming sessions. However, a failure to breach the support at 23.00 may lead to a potential recovery, pushing the price to retest the levels at 23.45 and 23.70.
The projected trading range for today is expected to fluctuate between the support level at 22.50 and the resistance level at 23.30.
In summary, the prevailing trend for today is leaning towards the bearish side, contingent on the ability to sustain the bearish momentum below the 23.00 support level.
