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Silver price attempts to recover - Analysis - 30-05-2023
Silver price traded with clear positivity in the previous sessions to settle above 23.00 level, noticing that the price moves within bearish channel that appears on the chart, falling under negative pressure formed by the EMA50, which meets the bearish channel’s resistance to add more strength to it.
Therefore, we believe that the chances valid to resume the correctional bearish trend, which its targets begin by breaking 23.00 to open the wat to rally towards 22.25, taking into consideration that breaching 23.30 will push the price to achieve additional gains and test 23.70 before any new attempt to decline.
The expected trading range for today is between 22.50 support and 23.50 resistance.
The expected trend for today: Bearish
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