Silver Price Analysis: Slips below $18.00, bears look for rising wedge confirmation

  • Silver extends pullback moves from $18.39 to visit three-day low.
  • 200-bar SMA could please the bears following confirmation of the bearish chart pattern.
  • A descending trend line from September 2019 becomes the key resistance.

Silver prices drop to $17.84, down 1.30% on a day, during the pre-European session on Wednesday. Even so, the white metal is yet to confirm a bearish technical formation, rising wedge, on the four-hour chart to confirm further selling.

As a result, sellers will look for fresh entries below $17.56 while aiming a 200-bar SMA level of $16.10. Though, May 22 bottom surrounding $16.73 could offer intermediate stop during the fall.

In a case where the bears dominate past-$16.10, April month high near $15.85 will be in the spotlight.

Alternatively, $18.55/56 becomes the key upside barrier as it represents a downward sloping trend line from September 2019 as well as the short-term bearish formation’s upper line.

If at all the bulls manage to cross $18.56, odds of witnessing an up-move to February month high near $19.00 can’t be ruled out.

Silver daily chart

Trend: Further downside expected

Additional important levels

Today last price 17.84
Today Daily Change -0.24
Today Daily Change % -1.33%
Today daily open 18.08
Daily SMA20 16.7
Daily SMA50 15.63
Daily SMA100 16.31
Daily SMA200 16.96
Previous Daily High 18.37
Previous Daily Low 17.78
Previous Weekly High 17.91
Previous Weekly Low 16.85
Previous Monthly High 17.91
Previous Monthly Low 14.72
Daily Fibonacci 38.2% 18.01
Daily Fibonacci 61.8% 18.14
Daily Pivot Point S1 17.79
Daily Pivot Point S2 17.49
Daily Pivot Point S3 17.2
Daily Pivot Point R1 18.37
Daily Pivot Point R2 18.67
Daily Pivot Point R3 18.96



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