Silver Price Analysis: Sluggish between 21/50-day EMAs above $15.00
|- Silver prices reverse the previous day’s losses with gains.
- Normal RSI conditions keep favoring range-bound trading between short-term key EMAs.
- February’s low can lure the bulls during the upside, the resistance-turned-support line can check the bears alternatively.
Despite reversing the previous day’s losses, with 0.65% gains to $15.06, silver prices remain between short-term key EMAs ahead of Thursday’s European session.
While a sustained break beyond a six-week-old falling trend line favor buyers to confront a 50-day EMA level of $15.67, failures to cross 50% Fibonacci retracement of February-March drop signals pullback to $14.78 support comprising 21-day EMA.
It should also be noted that the industrial metal remains above the multi-day-old falling resistance line, now support, around $14.40, which also nears 38.2% Fibonacci retracement level.
During the bullion’s rise past-$15.67, 61.8% Fibonacci retracement level of $16.14 may offer an intermediate halt to February month low close to $16.40.
Alternatively, the current month’s low near $13.80 can entertain the sellers below $14.40.
Silver daily chart
Trend: Sideways
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.