Silver Price Shows Signs of Recovery Following Positive Close

Silver prices concluded the previous session on a positive note, settling above the 23.00 level. This sets the stage for anticipated intraday gains, with a primary target of testing the 23.45 level, possibly extending to 23.70 upon breaching the former.

While positive trades are expected in the short term, it’s crucial to note that this rise is deemed temporary. The overarching trend is anticipated to revert to a bearish trajectory influenced by the head and shoulders pattern discernible on the chart. Breaking below the 23.00 level would nullify the positive scenario, triggering a decline without necessitating the suggested temporary rise.

Expected Trading Range: 22.90 (Support) – 23.60 (Resistance)

Expected Trend: Bullish temporarily