Silver price touches the target - Analysis - 25-05-2023

Economies.com
2023-05-25 04:05AM UTC

Silver price managed to touch our first target at 23.00, noticing that the price closed the last four hours’ candlestick below it, to support the chances of continuing the decline and head towards visiting the next correctional level that reaches 22.25.

 

Therefore, we will continue to suggest the bearish trend in the upcoming sessions, supported by the negative pressure formed by the EMA50, noting that stochastic current positivity might cause some temporary sideways fluctuation before resuming the expected bearish wave.

 

On the other hand, we need to take into consideration that the consolidation of 23.00 level against the current negative pressure will lead the price to attempt to recover and visit 23.70 areas again before any new attempt to decline.

 

The expected trading range for today is between 22.50 support and 23.30 resistance.

 

The expected trend for today: Bearish

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