The price of silver has initiated today’s trading session on a negative note, breaking below the pivotal 23.00 level and subsequently settling beneath it. This downturn signifies a shift towards a bearish trajectory, particularly noteworthy as it follows the recording of three consecutive descending peaks, a pattern evident on the price chart. Consequently, the prevailing expectation is for the bearish sentiment to persist, with the primary focus being a test of the 22.25 region.
Thus, we anticipate further declines in the forthcoming sessions. It is worth noting that breaching the 23.00 level and maintaining a position above it could reactivate a bullish wave with an initial target at 23.70.
For today’s trading activity, the projected trading range is forecasted to oscillate between the support at 22.40 and the resistance at 23.20.
Analyzing the current market dynamics, the predominant trend for today aligns with a bearish outlook.
