Silver Price Analysis: On the back foot below 10-day SMA

Silver prices stay heavy above $23.00, keep Wednesday’s pullback from 10-day SMA.
Downside break of 50% Fibonacci retracement again highlights 100-day SMA support.
Early September low, one-month-old falling trend line add to the upside barriers.

Anil Panchal FXStreet

Silver prices decline to $23.25 during Thursday’s Asian session. The white metal took a U-turn from 10-day SMA the previous day while closing below 50% Fibonacci retracement level of its June-August upside.

Hence, sellers are currently eyeing a downside break of the $23.00 threshold to revisit the 100-day SMA level of $22.10.

However, silver bears will have a tough time past-$22.10 as the $22.00 round-figure and 61.8% of Fibonacci retracement near $21.90 will challenge the metal’s further downside.

Meanwhile, an upside clearance of 10-day SMA, currently around $23.90, will need validation from $24.00 to aim for September 08 low near $25.85.

Also acting as the tough resistance is the falling trend line from September 01, at $26.08 now.

Silver daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	23.26
Today Daily Change	0.02
Today Daily Change %	0.09%
Today daily open	23.24

Trends
Daily SMA20	25.59
Daily SMA50	26.02
Daily SMA100	22.03
Daily SMA200	19.22

Levels
Previous Daily High	24.32
Previous Daily Low	23.13
Previous Weekly High	26.96
Previous Weekly Low	21.66
Previous Monthly High	28.9
Previous Monthly Low	21.66
Daily Fibonacci 38.2%	23.58
Daily Fibonacci 61.8%	23.86
Daily Pivot Point S1	22.81
Daily Pivot Point S2	22.38
Daily Pivot Point S3	21.62
Daily Pivot Point R1	23.99
Daily Pivot Point R2	24.75
Daily Pivot Point R3	25.18

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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