Silver price is currently exhibiting new negative trades, putting pressure on the 22.25 level. This decline is fueled by a negative signal from the stochastic indicator. A decisive break below 22.25 is awaited to confirm the extension of the bearish wave towards 21.70, followed by 21.35 levels.
The overall scenario supports a bearish trend in the upcoming sessions, reinforced by the downward pressure exerted by the EMA50. However, it’s essential to note that a failure to break below 22.25 may lead to the formation of an intraday bullish wave targeting 23.00 areas.
The expected trading range for today is between the support level at 21.80 and the resistance level at 22.60.
In summary, the outlook for today remains bearish, contingent upon a decisive break below the critical support level at 22.25.
