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Silver Prices Experience Downward Pressure on February 19, 2024

by Jennifer

The price of silver concluded the trading session last Friday above the neckline of the double bottom pattern. However, the commencement of today’s trading has seen an abrupt decline, leading the price to test a crucial support level of 23.00. To sustain the bullish trend scenario in the upcoming period, it is imperative for the price to consolidate above this level, with the next target positioned at 23.70.

Stochastic negativity is cited as a factor contributing to the current decline. It is emphasized that a breach of the 23.00 support level would impede the anticipated rise and prompt the price to shift towards a decline.

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The projected trading range for today is anticipated to fall between the support level of 22.70 and the resistance level of 23.50.

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Expected Trend for Today: Bullish

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