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Silver Price Analysis – February 23, 2024: Renewed Decline Amidst Failure to Settle Positively

by Jennifer

The silver price has experienced a renewed decline, marked by the clear break below the 23.00 level and subsequent settlement beneath it. This has reactivated the negative impact of the double-top pattern, subjecting the price to downward pressure with an anticipated target at 22.25 as the next significant level.

Consequently, a bearish bias is recommended for today unless the price manages to rally, breaching the 23.00 threshold and maintaining a daily close above it.

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The expected trading range for today is expected to fluctuate between the support at 22.30 and the resistance at 23.00.

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Overall, the prevailing trend for today leans towards a bearish trajectory for silver prices.

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