The silver price found strong support formed at the breached resistance of the descending subsidiary channel, to test the pivotal resistance 23.12 now, and maintain its stability below it so far, which supports the chances of a downward bounce to resume the expected downward trend for the coming period, whose next main target is located at 22.73.
Therefore, the downward trend scenario will be remain valid and affective and we continue to favor the downward trend in the immediate term, taking to account that breaching 23.12 will lead the price to achieve new gains so above 23.12 the price will try to retest before dropping.
The expect range trading for today it will be between resistance line 23.35 and support line 22.23 until stabilized .
Additionally ,Today News will affect the market .
resistance line : 23.12 , 22.50 support line : 22.73 , 23.00
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Comment
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SILVER
UPDATE
The price perfectly fulfills my idea and price already reached to our profit
Trade closed: target reached
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SILVER
New forecast
The price perfectly fulfills my last idea and price reached to our first target and still running .
The price of silver returned to decline and traded below 22.73 after attempting to breach it yesterday, which keeps our expectations for the downward trend, waiting to test the 22.50 level as the next main target.
Therefore the downward scenario will be remain valid and effective during coming period supported by moving average 50 that is supports the continuation of the expected decline, paving the way for achieving additional negative targets that exceed the 22.50 level, which will reach the 22.23 areas in the mid term, taking into account that is importance of stability below 22.73 for the continuation of the expected decline.
The expect range trading for today it will be between resistance line 23.12 and support line 22.23 until stabilized .
Additionally ,Today News will affect the market .
resistance line : 23.12 , 23.35 support line : 22.50 , 22.23
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️