Silver Price Analysis: Bulls step back from weekly horizontal resistance above $17.00


  • Silver follows immediate rising trend line but stays below weekly horizontal resistance near $17.24/27.
  • Sustained trading above 200-HMA, normal RSI conditions keep buyers hopeful.

Silver prices take rounds to $17.15, down 0.45% on a day, amid the pre-Tokyo open Asian session on Monday. In doing so, the White metal stays above the immediate support line portraying Friday’s recovery moves while also failing to cross a horizontal area comprising multiple levels since May 18.

Even the bullion’s sustained trading above 200-HMA and normal RSI conditions seem to favor the buyers.

As a result, a sustained break above $17.27 will enable the bulls to question the monthly high near $17.63 while keeping eyes on the $18.00 round-figure.

Meanwhile, a downside break below $17.10, comprising the nearby support line, will have to be justified by a sturdy fall below $17.00 to aim for a 200-HMA level of $16.66.

Silver hourly chart

Trend: Bullish

Additional important levels

Overview
Today last price 17.17
Today Daily Change -0.06
Today Daily Change % -0.35%
Today daily open 17.23
 
Trends
Daily SMA20 15.81
Daily SMA50 14.97
Daily SMA100 16.35
Daily SMA200 16.95
 
Levels
Previous Daily High 17.25
Previous Daily Low 16.73
Previous Weekly High 17.63
Previous Weekly Low 16.63
Previous Monthly High 15.85
Previous Monthly Low 13.82
Daily Fibonacci 38.2% 17.05
Daily Fibonacci 61.8% 16.93
Daily Pivot Point S1 16.88
Daily Pivot Point S2 16.54
Daily Pivot Point S3 16.36
Daily Pivot Point R1 17.41
Daily Pivot Point R2 17.6
Daily Pivot Point R3 17.94

 

 

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