• Silver extends Wednesday’s losses, refreshes intraday low by the press time.
  • Bearish MACD, sustained trading below 200-HMA direct sellers towards key Fibonacci retracement levels.
  • One-week-old resistance line adds to the upside filters.

Silver (XAG/USD) sellers battle with the support line of a weekly triangle, down 0.30% around $2.265 during early Thursday.

In doing so, the bright metal stretches the previous day’s downside break of 200-HMA amid bearish MACD signals.

That said, the metal’s further declines hinge on sustained trading below $22.65. Also acting as the downside filter is December 29 low near $22.60.

During the quote’s weakness past $26.60, 50% and 61.8% Fibonacci retracement (Fibo.) of December 15-28 upside, near $22.40 and $22.20 in that order, will challenge the XAG/USD bears.

Meanwhile, the corrective pullback may initially aim for the convergence of the 200-HMA and 23.6% Fibo. around $23.00.

Following that, the stated triangle’s resistance line will test the silver buyers around $23.25.

In a case where XAG/USD rises past $23.25, the tops marked around $23.45 since late November will be crucial to watch.

Silver: Hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 22.68
Today Daily Change -0.05
Today Daily Change % -0.22%
Today daily open 22.73
 
Trends
Daily SMA20 22.63
Daily SMA50 23.32
Daily SMA100 23.34
Daily SMA200 24.74
 
Levels
Previous Daily High 23.26
Previous Daily Low 22.73
Previous Weekly High 23.44
Previous Weekly Low 22.59
Previous Monthly High 23.44
Previous Monthly Low 21.42
Daily Fibonacci 38.2% 22.93
Daily Fibonacci 61.8% 23.06
Daily Pivot Point S1 22.56
Daily Pivot Point S2 22.38
Daily Pivot Point S3 22.03
Daily Pivot Point R1 23.08
Daily Pivot Point R2 23.43
Daily Pivot Point R3 23.61

 

 

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