Silver Price Analysis: Treads water inside immediate triangle above $23.00
- Silver lacks momentum despite trading on the back foot off-late.
- Receding RSI conditions favor bears, bulls have multiple hurdles to tackle before entry.
Silver seesaws around $23.30 while keeping a two-day-old symmetrical triangle during Friday’s Asian session. The white metal has been depressed so far in the current week but the downside momentum lacks courage.
As a result, further selling awaits a clear break below the stated triangle’s support, at $23.23 now, which in turn will eye the monthly low near $22.90.
While the metal’s declines past-$22.90 will depend upon the RSI conditions at that time, lows marked in October and September, respectively around $22.60 and $21.65, can lure the silver bears afterward.
Alternatively, an upside clearance of the triangle’s resistance, near $23.46, needs to cross a horizontal line around $23.63 comprising November 19 low and November 23 high.
Also acting as an upside filter is a nine-day-old descending trend line that presently probes the silver bulls close to $24.05.
Silver hourly chart
Trend: Sideways
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.
