Silver price under the negative pressure - Analysis - 23-11-2021

Silver price faced strong negative pressure yesterday to break 24.80 level and reach the bullish channel’s support line that appears on the chart, and we need to stay aside temporarily until the price confirms its situation according to this support at 24.00 followed by detecting the next destination clearly, as the price faces contradiction between the technical factors.

Note that the continuation of the decline and breaking the mentioned support will press on the price to provide additional negative trades that target 23.15 level as a next station, while consolidating above it will lead the price to start new bullish wave within the bullish channel and head towards 25.05 followed by 25.90 levels as main positive targets.

The expected trading range for today is between 23.80 support and 24.70 resistance.

The expected trend for today: Neutral