The silver price has recently embarked on a phase of lateral movement, traversing within a sideways trajectory. This tenure of oscillation is accompanied by an interaction with the 50-day Exponential Moving Average (EMA50), which has emerged as a notable resistance level impeding the price’s ascent. This juncture is poised to serve as a pivotal point, awaiting a bearish impetus that will likely catalyze the resumption of the downward trend. Notably, the subsequent target in this bearish trajectory is established at 22.25.
Adhering to the broader perspective, the bearish sentiment continues to pervade. This sentiment remains valid as long as the price remains beneath the critical threshold of 23.00. Should the price breach this level, it would signal a pivotal juncture, representing the preliminary stage of an endeavor to reclaim the primary bullish trend.
The anticipated trading span for today’s session spans from the support foundation at 22.20 to the opposing resistance stronghold at 23.10. The overarching trend sentiment aligns with a bearish trajectory, highlighting the prevailing inclination towards a descent in the valuation trajectory of the silver price.
