Silver price under the negative pressure - Analysis - 20-11-2023

Silver price bounced downwards clearly after attempting to surpass 24.00 barrier, to break 23.70 level and attempt to hold below it, to hint potential return to the bearish track, but we notice that stochastic shows positive signals that might push the price to recover again.

Therefore, the contradiction between the technical indicators makes us prefer to stay aside until the price confirms its situation according to 23.70 level, noting that holding below it will push the price to head towards 23.00 as a next negative station, while stepping above it will reactivate the bullish trend scenario that its next target located at 24.60.

The expected trading range for today is between 23.10 support and 24.00 resistance.

The expected trend for today: Neutral