Silver price needs more positive momentum - Analysis
Silver price hovers around the EMA50, and didn’t show any strong move since yesterday, to keep our positive overview for the upcoming period, which depends on the price stability above 23.05, waiting to visit 24.20 followed by 25.00 levels as next main targets.
We should note that breaking 23.05 will stop the suggested rise and press on the price to achieve additional bearish correction.
We should note that breaking 23.05 will stop the suggested rise and press on the price to achieve additional bearish correction.
Comment:
Silver price reaches the first target
Silver price reached few pips away from our first waited target at 24.20 and bounced bearishly to fluctuate around 23.75 now, moving above the EMA50 to support the chances of continuing the expected bullish trend for the upcoming period, which targets 25.00 as a next main station.
Therefore, the bullish trend scenario will remain suggested on the intraday and short term basis, noting that breaking 23.65 might force the price to test the key support 23.05 before any new positive attempt.
Silver price reached few pips away from our first waited target at 24.20 and bounced bearishly to fluctuate around 23.75 now, moving above the EMA50 to support the chances of continuing the expected bullish trend for the upcoming period, which targets 25.00 as a next main station.
Therefore, the bullish trend scenario will remain suggested on the intraday and short term basis, noting that breaking 23.65 might force the price to test the key support 23.05 before any new positive attempt.
Silver price traded with strong negativity to approach the key support 23.05, and begins to provide positive trades now, waiting for more rise to resume the expected bullish trend for the upcoming period, which targets 24.20 followed by 25.00 levels as next main stations.
In general, the bullish trend will remain valid unless breaking 23.05 and holding below it.