- Silver remains pressured around intraday low, battles short-term key SMA support.
- Descending RSI line, not oversold, directs sellers towards one-week-old horizontal area.
- $23.40 appears a tough nut to crack for the bulls, yearly low on bear’s radar.
Silver (XAG/USD) stays depressed around an intraday low of $22.18, down 0.18% on a day during the three-day downtrend amid early Tuesday.
In doing so, the bright metal sellers attack 50-SMA support as failures to cross the 100-SMA and downward sloping RSI line, not near oversold territory, suggests the quote’s further weakness.
That said, the $22.00 threshold may offer an intermediate halt during the metal’s fall targeting the weekly horizontal support area near $21.80. However, double bottoms marked during December and September, near $21.40, will be a crucial support to watch afterward.
In a case where the XAG/USD prices decline below $21.40, the $20.00 psychological magnet should gain the market’s attention.
Meanwhile, recovery moves may initially aim for the 100-SMA level of $22.40 before Friday’s peak of $22.67.
Following that, 38.2% Fibonacci retracement (Fibo.) of November 16 to December 15 downside, around $23.00, will test the silver buyers before directing them to the convergence of the 200-SMA and 50% Fibo. close to $23.40.
Silver: Four-hour chart
Trend: Further weakness expected
Additional important levels
|Today last price||22.2|
|Today Daily Change||-0.05|
|Today Daily Change %||-0.22%|
|Today daily open||22.25|
|Previous Daily High||22.45|
|Previous Daily Low||22.19|
|Previous Weekly High||22.68|
|Previous Weekly Low||21.42|
|Previous Monthly High||25.41|
|Previous Monthly Low||22.69|
|Daily Fibonacci 38.2%||22.29|
|Daily Fibonacci 61.8%||22.35|
|Daily Pivot Point S1||22.15|
|Daily Pivot Point S2||22.04|
|Daily Pivot Point S3||21.89|
|Daily Pivot Point R1||22.4|
|Daily Pivot Point R2||22.55|
|Daily Pivot Point R3||22.66|
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