The recent performance of the silver market signals a clear confirmation of a downturn, as the price concluded the previous Friday with notable negativity, settling below the critical level of 22.85. This development substantiates the shift towards a decline, with the initial target set at 22.25. Further downside potential is anticipated, with a recommended focus on breaching this level to open the door for additional negative targets, notably 21.70 followed by 21.35.
The prevailing bearish sentiment for the current session is substantiated by the downward pressure exerted by the EMA50. It is essential to acknowledge that a breakthrough above the 23.00 mark has the potential to interrupt the anticipated decline and prompt a price recovery.
Considering the outlined scenario, the projected trading range for the day is expected to fluctuate between the support level of 22.00 and the resistance level of 22.85. Investors and traders are advised to closely monitor these key levels for potential shifts in market dynamics.
In summary, the prevailing trend for today is bearish, contingent upon the ability to sustain levels below 22.85. However, vigilance is crucial, as a breach of the 23.00 resistance could potentially alter the outlook and lead to a reversal in the silver price.
