Silver prices have encountered substantial support near the previously breached resistance of the minor bearish channel, currently positioning themselves at a critical juncture around the 23.00 level. The price has managed to maintain its stability just below this key resistance, with the stochastic oscillator indicating overbought conditions. These developments enhance the likelihood of a potential bearish rebound, setting the stage for a resumption of the expected bearish trend in the upcoming period, with the next major target residing at 22.25.
Hence, our intraday outlook continues to advocate a bearish trend. However, it’s noteworthy that a decisive breach of the 23.00 level could catalyze fresh gains, initially aiming for 23.70.
For today’s trading sessions, the projected trading range is expected to extend between the support level at 22.45 and the resistance level at 23.25.
To recap, silver prices are presently challenging the significant resistance at 23.00 after establishing solid support near the breached bearish channel. While the prevailing sentiment leans towards a bearish outlook, traders should be alert to the possibility of a breach beyond 23.00, which could lead to new gains targeting 23.70. The expected trading range for the day is set to range between the support at 22.45 and the resistance at 23.25, with the overall trend currently favoring a bearish bias.
