Silver price has come within a few pips of reaching our initial anticipated target at 22.25. Given the completion of the triple top pattern, we suggest surpassing this level, potentially leading to further decline with the next target set at 21.35.
Consequently, we maintain our bearish outlook for the intraday basis, supported by the presence of the EMA50 and the negative signals observed on the stochastic indicator. It is important to note that a breach of the 23.00 level would halt the negative scenario and potentially initiate a price recovery.
For today’s trading session, the projected trading range is expected to fall between the support level at 21.90 and the resistance level at 22.70.
Overall, the expected trend for today remains bearish, indicating a continuation of the downward sentiment surrounding silver price as it reaches the target.
