Silver price touches the target - Analysis - 04-11-2021

Silver price managed to achieve our main waited target at 23.15 and bounced to show some bullish bias now, but its still below the EMA50 that forms negative pressure against the price, accompanied by stochastic loss to the positive momentum clearly, which supports the chances of resuming the bearish bias to attack the mentioned level and attempt to open the way to achieve more decline that reaches 22.45.

Note that the continuation of the bearish trend requires holding below 24.20, as breaching it will lead the price to achieve additional bullish correction that its targets begin at 25.05 and extend to 25.95.

The expected trading range for today is between 23.00 support and 23.80 resistance.

The expected trend for today: Bearish