Silver prices tests the support base - Analysis - 27-03-2023

Silver price fluctuates at the key support 23.05, which meets the bullish channel’s support line that appears on the chart, noticing that stochastic gains the positive momentum clearly, while the EMA50 provides continuous positive support to the price.

Therefore, we believe that the chances valid to resume the expected bullish trend for the upcoming period, affected by the previously completed inverted head and shoulders’ pattern, reminding you that our next target reaches 24.00, while breaking 23.05 will stop the expected rise and press on the price to turn to decline to visit 22.13 areas before any new attempt to rise.

The expected trading range for today is between 22.70 support and 23.60 resistance.

The expected trend for today: Bullish