Silver price fails to rise - Analysis - 19-01-2023

Silver price attempted to approach our first positive target at 24.55 but it bounced downwards strongly to head towards visiting 23.05 mainly, making the bearish bias suggested on the intraday basis, being aware that it is important to monitor the price at the mentioned level, as breaking it will extend the bearish wave to target 22.13 areas on the near term basis.

Therefore, we expect to witness negative trades in the upcoming sessions unless breaching 23.85 and holding above it.

The expected trading range for today is between 22.90 support and 23.75 resistance.

The expected trend for today: Bearish