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Silver Price Resumes Decline, Targets Awaited Level – Market Analysis as of February 28, 2024

by Jennifer

Silver prices have exhibited a bearish rebound after approaching the Exponential Moving Average 50 (EMA50), reinforcing the prospects for the continuation of the anticipated bearish trend on an intraday basis. The current trajectory suggests the price is nearing the awaited target at 22.25, and breaking below this level would expose the market to additional losses, with the next negative station positioned at 21.75.

It is crucial to acknowledge that a failure to breach the level of 22.25 could prompt a recovery in the price, initiating an intraday bullish wave with targets set at testing 22.80, followed by 23.00 levels.

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For today’s trading activities, the expected range is projected to fluctuate between the support level at 22.00 and the resistance at 22.55. The overall trend anticipated for today remains bearish, aligning with the observed bearish bounce and the proximity to the awaited target.

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Market participants are advised to closely monitor the critical level of 22.25, as its breach or hold will likely determine the immediate market direction. A successful breach could result in further losses, while a failure to break may lead to a reversal and the initiation of an intraday bullish wave.

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