On February 20, 2024, the price of silver has experienced a continued descent, breaching the $23.00 level and attempting to sustain its position below it. This development suggests a potential shift towards a decline. However, noteworthy is the clear positive signals observed in the stochastic indicator, indicating a possible resurgence of positive trades on an intraday basis. The primary target for this upward movement is identified at $23.70.
Market analysts foresee a bullish bias in the upcoming trading sessions, emphasizing the importance of the price holding above the $23.00 level. Failure to trade above this critical threshold could expose the price to additional losses, potentially leading to a visit to the $22.25 areas in the near term.
Traders and investors are advised to monitor the expected trading range for the day, which is anticipated to fluctuate between the support level at $22.70 and the resistance at $23.40.
In summary, while silver faces some downward pressure, the emergence of positive signals in the stochastic indicator suggests a potential resurgence of bullish momentum, contingent on the price maintaining support above $23.00.
