Silver prices have successfully reached the anticipated target at 23.00 and are currently consolidating near this level. The prevailing outlook suggests a continuation of bearish attempts, with the goal of breaking below this critical support to pave the way for further declines, eventually targeting the 22.25 threshold.
Consequently, the market anticipates a further decline in the short-term and intraday perspectives. However, it’s important to consider that a failure to breach the 23.00 level could impede the bearish scenario, potentially leading to intraday gains and a testing of the 23.70 areas.
Today’s projected trading range extends between support at 22.65 and resistance at 23.45, signifying the pivotal price levels that traders should closely monitor.
The prevailing sentiment for the day remains bearish, contingent upon the successful break of the 23.00 support.
