- Silver keeps recovery moves from intraday low of $24.09.
- A two-week-old resistance line, the confluence of 100 and 200-bar SMAs probe the bulls.
- Sellers can look for entries below 61.8% Fibonacci retracement.
Silver prices rise to $24.25, up 0.32% intraday, amid Monday’s Asian session. In doing so, the white metal battles around a downward sloping trend line from November 08 while targeting to cross a joint of 100-bar and 200-bar SMAs
Considering the commodity’s ability to stay past-61.8% Fibonacci retracement of October 29 to November 08 upside, coupled with the normal RSI conditions, as favoring the silver buyers.
However, a clear above the immediate SMA confluence near $24.40 becomes necessary for the silver bulls to probe the mid-month peak surrounding $25.10.
Meanwhile, a downside break of the previous resistance line, at $24.18 now, can drag the quote back to the 61.8% Fibonacci retracement level of $23.89 whereas the $23.60 and $23.30 can entertain silver sellers afterward.
In a case where the bullion remains weak past-$23.30, the 23.00 round-figure and the monthly low near $22.60 should return to the charts.
Silver four-hour chart
Trend: Further recovery expected
Additional important levels
|Today last price||24.26|
|Today Daily Change||0.08|
|Today Daily Change %||0.33%|
|Today daily open||24.18|
|Previous Daily High||24.53|
|Previous Daily Low||23.91|
|Previous Weekly High||25.08|
|Previous Weekly Low||23.64|
|Previous Monthly High||25.56|
|Previous Monthly Low||22.59|
|Daily Fibonacci 38.2%||24.29|
|Daily Fibonacci 61.8%||24.15|
|Daily Pivot Point S1||23.88|
|Daily Pivot Point S2||23.59|
|Daily Pivot Point S3||23.26|
|Daily Pivot Point R1||24.5|
|Daily Pivot Point R2||24.83|
|Daily Pivot Point R3||25.12|
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