Silver price has recently reached the 20.70 level, encountering substantial support in this region. This has led to the price entering a sideways trajectory, as indicated on the chart. Currently, the market is awaiting negative factors that could propel the price to breach the aforementioned support level, subsequently resuming the anticipated bearish movement in both the intraday and short-term contexts. The next primary target for this bearish phase is situated around the 19.90 mark.
The bearish scenario remains intact for the foreseeable future, further supported by the EMA50, which exerts downward pressure on the price. It is essential to emphasize the significance of the price staying below 21.35 in order to realize the suggested bearish targets.
For today’s trading session, it is advisable for market participants to anticipate a trading range spanning from the support level at 20.50 to the resistance level at 21.30.
In summary, the current market conditions have led to silver price moving within a sideways pattern. However, the overall bearish trend persists, with key levels dictating future price movements.
