• Silver edges higher following the corrective pullback from multi-day low.
  • Firmer RSI, successful break of support-turned-resistance back the bulls.
  • 200-SMA adds to the upside filters, weekly support line offers extra challenge for bears.

Silver (XAG/USD) consolidates the last week’s slump, up for the third consecutive day around $23.88 amid Tuesday’s early Asian session. In doing so, the metal buyers battle 50-SMA after recently crossing the previous support line from June 29.

Given the firmer RSI conditions and a clear break of the immediate hurdle, silver many extend the recovery moves towards July’s low surrounding $24.50. During the rise, the $24.00 round figure may offer an intermediate halt.

It should be noted, however, that the metal’s run-up beyond $24.50 will be challenged by the 200-SMA level of $25.24, a break of which will refresh the monthly peak of $26.00.

Meanwhile, a pullback from 50-SMA, around $23.90, will drag the quote back to the previous support line near $23.80 before highlighting a one-week-old rising trend line near $23.55.

In a case where silver bears keep the reins below $23.55, Thursday’s low around $23.00 and the yearly bottom surrounding $22.15, marked early last week, will be the key to follow.

Silver: Four-hour chart

Trend: Further recovery expected

Additional important levels

Today last price 23.88
Today Daily Change 0.12
Today Daily Change % 0.51%
Today daily open 23.76
Daily SMA20 24.75
Daily SMA50 25.79
Daily SMA100 26.16
Daily SMA200 25.9
Previous Daily High 23.83
Previous Daily Low 23.17
Previous Weekly High 24.37
Previous Weekly Low 22.17
Previous Monthly High 26.78
Previous Monthly Low 24.5
Daily Fibonacci 38.2% 23.58
Daily Fibonacci 61.8% 23.42
Daily Pivot Point S1 23.34
Daily Pivot Point S2 22.92
Daily Pivot Point S3 22.68
Daily Pivot Point R1 24
Daily Pivot Point R2 24.25
Daily Pivot Point R3 24.66



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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content

Recommended content

Editors’ Picks

AUD/USD remains pressured below 0.6900 despite upbeat China PMI

AUD/USD remains pressured below 0.6900 despite upbeat China PMI

AUD/USD is off the lows but remains pressured below 0.6900 on a big beat on the Chinese Caixin Manufacturing PMI. The US dollar attempts a recovery amid risk-off trading, ahead of US ISM. Strong Aussie PMI, increasing odds of another 50 bps RBA rate hike fails to recall bulls. 


USD/JPY inches towards 136.00 on stronger Japan's jobs data

USD/JPY inches towards 136.00 on stronger Japan's jobs data

The USD/JPY pair is aiming towards 136.00 as the Statistics Bureau of Japan has reported higher-than-expected Unemployment data. The jobless rate has improved to 2.6%, higher than the estimates and the prior print of 2.5%.


Gold struggles to defend $1,800 as DXY rebounds ahead of US ISM PMI

Gold struggles to defend $1,800 as DXY rebounds ahead of US ISM PMI

Gold Price remains pressured around the lowest levels in seven weeks after breaking the key support. US Dollar regains upside momentum, as recession woes favor the greenback. US ISM Manufacturing PMI for June could direct market moves.

Gold News

Will the ApeCoin price fall to $2 this summer

Will the ApeCoin price fall to $2 this summer

ApeCoin price shows incoming sell-off signals on the final day of June. It is best to wait for a breach of the invalidation level before counter-trend trading the Ethereum-based NFT Token. Invalidation of the bearish downtrend is a breach above $6.15.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!