Silver Price Approaches Target: Technical Analysis

The price of silver experienced a downward trend yesterday, nearing our anticipated target of 22.25. However, the market saw a bullish rebound, driving the price towards a potential test of the key resistance level at 23.00.

Price Action

  • The EMA50 (Exponential Moving Average) aligns with the 23.00 resistance, adding further strength to this level.
  • The stochastic indicator indicates a loss of positive momentum, signaling overbought conditions in the market.


Given these factors, we maintain a bearish outlook for the near future. A break below 22.25 would likely extend the bearish momentum, targeting levels around 21.75 and 21.35. Conversely, a breakthrough above 23.00 would indicate a shift in sentiment, potentially triggering a bullish wave towards 23.40 and 23.70.

Short-term Outlook

  • Bearish Bias: The current indicators support a bearish sentiment, with the market potentially favoring a continued downward movement.
  • Key Levels: Watch for the crucial levels of 22.25 and 23.00, as they will likely determine the short-term direction of silver prices.

Technical Indicators

  • EMA50 Resistance: The EMA50’s alignment with the 23.00 resistance suggests a significant barrier for upward movement.
  • Stochastic Signals: The stochastic indicator’s overbought signals indicate a potential reversal in the near term.

Potential Scenarios

  1. Bearish Scenario: If the price breaks below 22.25, it could pave the way for further declines towards 21.75 and 21.35.
  2. Bullish Scenario: A decisive break above 23.00 could signal a shift in momentum, targeting levels of 23.40 and 23.70.


In conclusion, the silver market is currently poised at a critical juncture, with the price approaching key levels. The interplay between technical indicators and price action suggests a cautious outlook, with the potential for both bearish and bullish scenarios. Traders should closely monitor the price movements around 22.25 and 23.00 for signals of the market’s next direction.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker