Silver price hits the target - Analysis - 11-05-2022

Silver price succeeded to achieve our waited target at 21.30 and shows some bullish bias now, but it continues to move inside the bearish channel that appears on the chart, which supports the chances of continuing the bearish bias on the intraday and short term basis, waiting to head towards 20.75 as a next negative target.

Therefore, the bearish trend scenario will remain dominant in the upcoming sessions, noting that breaching 22.10 will lead the price to start recovery attempts and test 22.45 and might extend to 22.85 before any new attempt to decline.

The expected trading range for today is between 21.00 support and 21.75 resistance.

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The expected trend for today: Bearish