• Silver prices attempt recovery from $23.43 after breaking one-month-old rising trend line.
  • MACD turns bearish for the first time in six weeks.
  • 21-day SMA offers immediate support ahead of $23.00.

Silver prices stay pressured despite bouncing off $23.43 to $24.10, down 3.0% on a day, during the pre-European session on Wednesday. The metal broke an ascending trend line from July 17 the previous day whereas its intraday low of $23.43 becomes the monthly bottom.

That said, MACD turns bearish for the first time since the early-July while a sustained break of near-term key support line, now resistance, keeps the bears hopeful.

However, a daily closing below 21-day SMA level of $23.86 becomes necessary for the sellers to target $23.00 and July 28 low near $22.30.

In a case where the metal keeps declining below $22.30, July 2016 top near $21.15 can offer an intermediate halt before highlighting $20.00 psychological benchmark.

On the contrary, fresh buying is less likely to happen unless the quote recovers beyond the support-turned-resistance line, at $26.70 now.

Silver daily chart

Trend: Bearish

Additional important levels

Overview
Today last price 23.94
Today Daily Change -0.88
Today Daily Change % -3.55%
Today daily open 24.82
 
Trends
Daily SMA20 23.86
Daily SMA50 20.31
Daily SMA100 17.97
Daily SMA200 17.56
 
Levels
Previous Daily High 29.27
Previous Daily Low 24.39
Previous Weekly High 29.86
Previous Weekly Low 24.03
Previous Monthly High 26.21
Previous Monthly Low 17.76
Daily Fibonacci 38.2% 26.26
Daily Fibonacci 61.8% 27.41
Daily Pivot Point S1 23.05
Daily Pivot Point S2 21.28
Daily Pivot Point S3 18.17
Daily Pivot Point R1 27.93
Daily Pivot Point R2 31.04
Daily Pivot Point R3 32.81

 

 

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