Silver prices have demonstrated a positive upturn, settling above the 22.25 level, indicating an inclination to establish an intraday bullish wave. However, challenges emerge as the price contends with negative pressure from the EMA50, accompanied by a noticeable loss of positive momentum according to the stochastic indicator.
Maintaining a neutral stance is advisable until clearer signals emerge for the subsequent trend. It is crucial to monitor the 22.25 level, as a breach could reignite the bearish wave, targeting the 21.35 support. Conversely, a breakthrough above the 22.50 resistance level may pave the way for a recovery, with an initial test of the 23.00 level.
The anticipated trading range for the day is projected between the support at 21.90 and resistance at 22.90.
Projected Trend for Today: Neutral
