Silver prices have witnessed an initial breach to the 22.60 level and are currently endeavoring to maintain a position above it, potentially laying the groundwork for a forthcoming test of the pivotal resistance at 23.00. Observations indicate a weakening of the positive momentum within the stochastic indicator, which could potentially contribute to driving the price back towards the primary bearish trajectory, with an initial target situated at 22.25.
However, it’s essential to underscore the potential for a reversal in this narrative. Should the upward momentum continue and successfully breach the 23.00 level, this development could stall the envisaged bearish movement and potentially redirect the price towards an upward trajectory.
It’s worth noting that the projected trading range for the day spans from a support level of 22.00 to a resistance threshold of 22.90. This range encapsulates the anticipated scope of price movements for the session.
