The decline in silver prices remains in motion, steadily approaching the anticipated downside target at 22.25. This descent is propelled by the completion of a previously formed head and shoulders pattern, reinforced by the negative influence of the EMA50.
It is essential to note that surpassing the targeted level would extend the current bearish wave, paving the way for further declines towards 21.75, followed by 21.35 as the subsequent downside objectives. However, a breach above the 23.00 level would interrupt the projected decline, initiating potential recovery attempts in the short term.
Traders are advised to closely monitor key levels, with the expected trading range for today fluctuating between support at 22.20 and resistance at 22.90. The prevailing trend for today is anticipated to be bearish, aligning with the existing technical dynamics.
