As of February 8, 2024, silver price has successfully breached the crucial support level at 22.25, concluding the daily candlestick below this threshold. This development reinforces the continuation of the anticipated bearish trend on an intraday basis, with the primary targets set at 21.70, followed by 21.35 levels.
The ongoing support from the EMA50 further bolsters the indicated bearish wave. However, it is imperative to note that a breakthrough above 22.25, sustained over time, would prompt the price to initiate recovery efforts. In such a scenario, the projected gains would commence at 22.60 and extend to 23.00.
The expected trading range for the day is poised to fluctuate between the support level of 21.80 and the resistance level of 22.50.
Projected Trend for Today: Bearish
