The value of silver engaged in a test of the pivotal resistance level at 23.00 during the previous trading session, maintaining its stance below this critical threshold. This resolute positioning preserves the overarching bearish trend scenario, which remains active at present. Awaiting the emergence of bearish impetus, poised to fortify the drive for descent, the price is anticipated to gravitate towards the primary target situated at 22.00.
An imperative factor in the current narrative is the exertion of negative influence by the 50-day Exponential Moving Average (EMA50), which fosters an environment conducive to the continuation of the envisaged bearish trajectory. Notably, a decisive breach of the barrier at 23.00 would usher in a shift from the existing bearish outlook, potentially inducing an ascent in the price movement.
The envisaged trading range for the day delineates a projected expanse spanning between the support platform at 22.20 and the opposing resistance barricade at 23.10. The prevalent trend sentiment for the present day aligns with bearish inclinations, reaffirming the persistent leaning towards a downward trajectory in the valuation of silver.
