- Silver remains pressured for six consecutive days despite being off the yearly low.
- Bearish MACD, sustained trading below 200-DMA, previous support line favor sellers.
- Seven-month-old descending trend line acts as immediate support before an upward sloping support line from September 2020.
- Bulls have multiple hurdles before retaking the controls.
Silver (XAG/USD) retreats to $23.30, fades the previous day’s corrective pullback, amid a quiet Asian session on Wednesday.
The white metal slumped to refresh the yearly low on Monday before portraying a bearish consolidation on Tuesday. Though, MACD histograms back the commodity sellers cheering the downside break of a seven-week-old falling trend line, previous support, as well as the early August pullback from 200-DMA.
That said, the quote is well directed towards a downward sloping support line from January 18, around the $23.00 threshold.
However, any further downside will be challenged by an 11-month-long rising trend line near $22.70.
On the flip side, corrective pullback needs to regain the previous support line around $24.10 to challenge July’s low near $24.50.
Even so, a 200-DMA level of $25.91 becomes a tough nut to crack for the bulls.
Silver: Daily chart
Additional important levels
|Today last price||23.32|
|Today Daily Change||-0.02|
|Today Daily Change %||-0.09%|
|Today daily open||23.34|
|Previous Daily High||23.67|
|Previous Daily Low||23.24|
|Previous Weekly High||26|
|Previous Weekly Low||24.2|
|Previous Monthly High||26.78|
|Previous Monthly Low||24.5|
|Daily Fibonacci 38.2%||23.4|
|Daily Fibonacci 61.8%||23.51|
|Daily Pivot Point S1||23.16|
|Daily Pivot Point S2||22.98|
|Daily Pivot Point S3||22.72|
|Daily Pivot Point R1||23.6|
|Daily Pivot Point R2||23.86|
|Daily Pivot Point R3||24.04|
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