Silver prices successfully reached the anticipated target of 22.25 and exhibited a bullish rebound from this level. Currently, the price is on a trajectory towards the intraday bearish channel’s resistance line, situated approximately at 22.70. Analysts are closely monitoring this level, emphasizing that a breakthrough could propel the price towards a crucial resistance point at 23.00.
Today’s market outlook leans towards a bullish bias, supported by the positive momentum and the potential test of the intraday bearish channel’s resistance. Traders are advised to remain attentive as a break above 22.70 could signal further upward movements.
It is important to note that the bullish scenario may be invalidated if the price breaks below 22.25, potentially leading to new losses.
The projected trading range for today is expected to fluctuate between the support level at 22.25 and the resistance level at 22.90. Traders are encouraged to stay vigilant and adapt their strategies accordingly. The expected trend for today is bullish, contingent on key resistance levels being breached.
