- 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
Additional important levels
|Today last price||23.94|
|Today Daily Change||-0.88|
|Today Daily Change %||-3.55%|
|Today daily open||24.82|
|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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