• Silver price retreats from daily top as buyers step back inside a bearish chart pattern.
  • RSI suggests further grinding towards the north, 100-DMA adds to the upside filters.
  • 50-DMA acts as a validation point for further downside past $20.48 key support.

Silver price (XAG/USD) consolidates recent gains around a six-week high, holding lower ground near $20.80 amid Monday’s Asian session.

In doing so, the bright metal seesaws inside a one-month-old rising wedge bearish chart pattern.

However, the successful trading above the 50-DMA joins the firmer RSI line, not overbought, to keep buyers hopeful.

That said, a convergence of the stated wedge’s upper line and the 38.2% Fibonacci retracement level of April-July downside, near $21.20-25, appears a tough nut to crack for the XAG/USD bulls.

Even if the silver buyers manage to cross the $21.25 hurdle, the 100-DMA level near $21.70 could challenge the bullion’s further upside.

Alternatively, a downside break of the $20.50-45 support will confirm the rising wedge breakdown, which in turn suggests (theoretically) a south-run towards $17.80. Though, the 50-DMA level surrounding $20.20 and the $20.00 threshold could test XAG/USD bears.

Also acting as a downside filter is the yearly low near $18.15.

Silver: Daily chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price 20.79
Today Daily Change -0.05
Today Daily Change % -0.24%
Today daily open 20.84
 
Trends
Daily SMA20 19.67
Daily SMA50 20.24
Daily SMA100 21.75
Daily SMA200 22.72
 
Levels
Previous Daily High 20.84
Previous Daily Low 20.24
Previous Weekly High 20.84
Previous Weekly Low 19.8
Previous Monthly High 20.37
Previous Monthly Low 18.15
Daily Fibonacci 38.2% 20.61
Daily Fibonacci 61.8% 20.47
Daily Pivot Point S1 20.44
Daily Pivot Point S2 20.04
Daily Pivot Point S3 19.84
Daily Pivot Point R1 21.04
Daily Pivot Point R2 21.24
Daily Pivot Point R3 21.64

 

 

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