Silver price started a harp bullish trend on late October 2022, causing the price of this metal to gain more than 34.4% value January the 3rd 2023. The price line then entered a correction phase and formed a static support and a static resistance level, above and below the price line. These levels are reflected as orange boxes. The red descending line indicates the trend line on the current bearish leg. The price line is struggling to break above this line. Traders can wait for this line to get broken; then they can enter ling positions on the retest of the orange support zone. The target for the upcoming bullish leg could be expected on the resistances mentioned below.
• There is a resistance level at 24.14413 followed by resistance at 24.30000 and 24.65000.
• There is a support level at 23.00000. Below, there is 23.86500 and 22.56500.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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