Silver price loses momentum - Analysis - 06-06-2023

Silver price finds solid barrier at the intraday bullish channel’s support line, to show some slight bullish bias and approach testing the key resistance 23.70, and as long as the price is below this level, our bearish overview will remain valid for the upcoming period, and the price needs to break 23.45 to ease the mission of heading towards our next main target at 23.00.

Stochastic loses the positive momentum clearly, to support the expectations of continuing the bearish trend in the upcoming sessions, noting that breaching 23.70 will push the price to continue rising within the mentioned bullish channel to head towards achieving gains that start at 24.05 and extend to 24.60.

The expected trading range for today is between 23.00 support and 23.90 resistance.

The expected trend for today: Bearish