Silver prices surpass the first target- Analysis - 20-03-2023

Silver price breached 22.13 level clearly and settled above it, reinforcing the expectations of continuing the bullish trend in the upcoming sessions, and the way is open to head towards our next target that reaches 23.05.

By taking a deeper look at the chart, we find that the price completed forming inverted head and shoulders’ pattern that has positive targets that surpass the mentioned level to reach 24.00 areas.

Therefore, we expect to witness more rise on the intraday and short term basis, supported by the EMA50 that continues to carry the price from below, noting that breaking 22.13 will stop the bullish bias and put the price under intraday negative pressure that its targets begin by testing 21.40.

The expected trading range for today is between 21.90 support and 22.65 resistance.

The expected trend for today: Bullish