The price of silver has been exhibiting minimal fluctuations within a narrow range since yesterday, maintaining a neutral stance until a decisive breach of the 23.00 support or the 23.70 resistance occurs. The outcome of these key levels will play a crucial role in determining the clear direction of the next trend.
It is noteworthy that breaking below the mentioned support level would signal a continuation of the bearish wave influenced by the head and shoulders pattern evident on the chart. In such a scenario, the price may target the 22.25 areas primarily. Conversely, a breakthrough of the resistance would represent a positive development, potentially leading to gains reaching 24.60.
As the silver market remains within this tight track, traders are advised to closely monitor price movements and be prepared for potential shifts contingent on the confirmation of a breach either below the support or above the resistance.
The projected trading range for today is expected to fluctuate between the support at 22.70 and the resistance at 23.50. The overall trend for today is deemed neutral, awaiting a breakout confirmation for a clearer trend determination.
