- 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|
|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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