- Silver consolidates recent losses from a confluence of 50-bar and 100-bar SMAs.
- Sustained break of seven-day-old rising trend line highlights fortnight-long horizontal support on the bear’s radar.
- Bulls need to cross a falling resistance line from Tuesday for fresh entries.
Silver retraces the heaviest losses in two weeks around $23.90 during Thursday’s Asian session. The white metal’s declines the previous day could be traced to a downside break of an ascending trend line from November 30. Though, a confluence of important Simple Moving Averages (SMAs) probes the bears, for now.
Even so, the corrective bounce is yet to regain the trend line support, now resistance, which in turn directs the quote to multiple highs marked since November 25 around $23.55/50.
If at all the sellers keep the reins past-$23.50, November-end top near $22.70 and the previous month’s low near $21.90 will become their favorites.
On the contrary, an upside break of the previous support line, at $24.30 needs to cross the immediate resistance line, currently around $24.35, to recall the silver buyers targeting to refresh the monthly high of $24.86.
In doing so, the commodity bulls will eye November’s peak close to $26.00.
Silver four-hour chart
Trend: Pullback expected
Additional important levels
|Today last price||23.89|
|Today Daily Change||-0.67|
|Today Daily Change %||-2.73%|
|Today daily open||24.56|
|Previous Daily High||24.87|
|Previous Daily Low||24.43|
|Previous Weekly High||24.41|
|Previous Weekly Low||21.9|
|Previous Monthly High||26.01|
|Previous Monthly Low||21.9|
|Daily Fibonacci 38.2%||24.7|
|Daily Fibonacci 61.8%||24.6|
|Daily Pivot Point S1||24.37|
|Daily Pivot Point S2||24.18|
|Daily Pivot Point S3||23.94|
|Daily Pivot Point R1||24.81|
|Daily Pivot Point R2||25.06|
|Daily Pivot Point R3||25.25|
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