Silver prices have been under significant negative pressure, pushing them towards the 23.70 level. Today, the negative sentiment continues, with prices attempting to settle below this level, indicating a dominating downward trend in the upcoming sessions. The price is expected to target further negative levels, potentially reaching 23.00.
In the intraday levels, more expected losses are anticipated, supported by the negative pressure from the 50-day Simple Moving Average (SMA). However, it is important to note that a failure to settle below 23.70 could lead to an upward movement and a potential recovery of some recent losses.
For today’s trading, the expected range is between the support level of 23.10 and the resistance level of 23.90. Market participants are closely monitoring the price movement to gauge the potential direction and its implications on silver prices in the short term.
