Silver prices confront downward pressure, breaching the $24.60 level and settling below it, signaling a bearish correction from the recent ascent initiated from the $21.92 region. Currently, the price hovers near the 38.2% Fibonacci correction level, establishing critical support at $24.30. This correction is further exacerbated by negative pressure stemming from the EMA50 indicator, hinting at the potential for further downward movement in the forthcoming sessions.
However, amidst this bearish sentiment, there are positive signals emanating from the stochastic indicator, suggesting a possibility of mitigating further losses and a potential resurgence in bullish momentum.
Given the conflicting signals from technical indicators, a prudent approach may entail refraining from active trading until clearer signals emerge regarding the next market trend. It’s worth noting that a breach below the $24.30 support level could pave the way for corrective targets at $23.85 and $23.40, respectively. Conversely, surpassing the $24.85 resistance level is pivotal for a return to bullish sentiment, initiating a potential rally from $25.50 to $26.07.
Today’s anticipated trading range spans between support at $24.00 and resistance at $24.90.
Trend Forecast: Neutral
