Silver Price Analysis: Eases from three-month high above $18.00

Silver prices step back from $18.39 amid overbought RSI conditions.
Bulls remain optimistic above 200-day SMA, 11-week-old rising channel also favors the upside momentum.
A nine-month-long descending trend line is on the buyers’ radars.

Anil Panchal FXStreet

Silver prices drop 0.50% from the three-month high of $18.39 to $18.20 amid the early Tuesday’s trading.

Although overbought RSI conditions suggest a pullback of the white metal to May 20 high near $17.63, the further downside might find it difficult to break a 200-day SMA level of $16.97.

If at all the sellers manage to break 200-day SMA on a daily closing basis, 61.8% Fibonacci retracement of September 2019 to March 2020 fall, around $16.60, can restrict additional declines.

Meanwhile, the bulls’ dominance past-$18.39 will them towards a multi-day-old falling resistance line near $18.57 ahead of highlighting the said channel’s resistance around $18.95.

It’s worth mentioning that the bullion’s sustained rise above $18.95 enables it to refresh the yearly top while also probing September 2019 peak near $19.65.

Silver daily chart

Trend: Pullback expected

additional important levels

Overview
Today last price	18.2
Today Daily Change	-0.10
Today Daily Change %	-0.55%
Today daily open	18.3

Trends
Daily SMA20	16.54
Daily SMA50	15.53
Daily SMA100	16.31
Daily SMA200	16.96

Levels
Previous Daily High	18.39
Previous Daily Low	17.85
Previous Weekly High	17.91
Previous Weekly Low	16.85
Previous Monthly High	17.91
Previous Monthly Low	14.72
Daily Fibonacci 38.2%	18.18
Daily Fibonacci 61.8%	18.06
Daily Pivot Point S1	17.97
Daily Pivot Point S2	17.65
Daily Pivot Point S3	17.44
Daily Pivot Point R1	18.5
Daily Pivot Point R2	18.71
Daily Pivot Point R3	19.04

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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