In recent sessions, the silver price underwent a fresh examination of the 23.00 level. Today, the price has initiated a clear decline, distancing itself from this level and strengthening the anticipation of a sustained intraday bearish trend. The subsequent target in this downward trajectory is identified at 22.25.
The negative overlap in the stochastic indicator adds further weight to the likelihood of the decline persisting in the upcoming sessions. It is crucial to note that a breach beyond the 23.00 level would disrupt the negative scenario, potentially leading to a price recovery.
Assessing the expected trading range for today, the support level is foreseen around 22.30, while resistance is positioned at 23.00.
In conclusion, the prevailing trend for today leans towards a bearish outlook for silver, contingent on the avoidance of breaching the 23.00 level. A breach beyond this point could signify a shift in the scenario, potentially paving the way for a recovery in the silver price.
