Skip to content Skip to footer

Silver price hits the first target – Analysis – 08-01-2024

Silver price managed to touch our first waited positive target at 23.45 and bounced downwards strongly from there, as this level formed the broken neckline of the head and shoulders’ pattern that appears on the chart, which hints that the negative effect of this pattern still active, waiting to push the price to resume the bearish trend on the intraday basis, to visit 22.25 areas as a next main station.

Therefore, the bearish bias will be suggested in the upcoming sessions, noting that failing to break 23.00 will push the price to recover again and head to test 23.45 followed by 23.70 areas mainly.

The expected trading range for today is between 22.50 support and 23.30 resistance.