Silver price reaches the target - Analysis - 20-10-2021

Silver price succeeded to reach few pips away from our waited target at 24.20, and bounced bearishly affected by stochastic negativity, which attempts to gain the positive momentum now, noting that the EMA50 continues to provide the positive support to the price.

Therefore, we believe that the chances valid to achieve additional gains that surpass the mentioned level to reach 25.05, affected by the previously completed inverted head and shoulders’ pattern, taking into consideration that the continuation of the expected bullish wave requires holding above 23.15.

The expected trading range for today is between 23.35 support and 24.20 resistance.

The expected trend for today: Bullish