• 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

Overview
Today last price 23.88
Today Daily Change 0.12
Today Daily Change % 0.51%
Today daily open 23.76
 
Trends
Daily SMA20 24.75
Daily SMA50 25.79
Daily SMA100 26.16
Daily SMA200 25.9
 
Levels
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

 

 

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