- Silver remains pressured around yearly low, steadies after three-day downtrend.
- Six-month-old descending trend line, horizontal area from September 2020 challenge bears.
- Oversold RSI conditions hint at corrective pullback towards latest August lows.
Silver (XAG/USD) bears take a breather around $22.30, after refreshing the yearly low at the week’s start.
That said, the bright metal struggles to extend the three-day downtrend near the multi-day bottom amid oversold RSI conditions.
Even so, lows marked on August 20 near $22.87 and the $23.00 threshold challenge the immediate recovery moves.
Following that, March low and September peak, respectively around $23.80 and $24.85, will be on the silver bull’s radar ahead of confronting the key 200-DMA level near $25.85.
On the flip side, the $22.00 and November 2020 bottom surrounding $21.90 can entertain XAG/USD bears ahead of directing them to the $21.65-60 support confluence including a downward sloping trend line from March and September 2020 low.
To sum up, silver prices may recovery as sellers seem tired. However, bulls have a long way before retaking controls.
Silver: Daily chart
Trend: Corrective pullback expected
Additional important levels
|Today last price||22.29|
|Today Daily Change||-0.11|
|Today Daily Change %||-0.49%|
|Today daily open||22.4|
|Previous Daily High||23.14|
|Previous Daily Low||22.33|
|Previous Weekly High||23.97|
|Previous Weekly Low||22.33|
|Previous Monthly High||26|
|Previous Monthly Low||22.17|
|Daily Fibonacci 38.2%||22.64|
|Daily Fibonacci 61.8%||22.83|
|Daily Pivot Point S1||22.11|
|Daily Pivot Point S2||21.82|
|Daily Pivot Point S3||21.31|
|Daily Pivot Point R1||22.92|
|Daily Pivot Point R2||23.43|
|Daily Pivot Point R3||23.72|
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