• Silver remains pressured around weekly low, holds onto downside break of two-week-old support.
  • Six-week-long horizontal support, nearly oversold RSI can challenge further downside.
  • 200-SMA holds the key for bull’s entry, multiple supports to test bears on the way to 61.8% FE.

Silver Price (XAG/USD) remains on the back foot, justifying the previous day’s technical break, heading into Wednesday’s European session. That said, the bright metal seesaws around $20.80 by the press time.

The XAG/USD bears cheered the downside break of fortnight-old support, now resistance near $20.90, on Tuesday to refresh the weekly low. However, early May’s low surrounding $20.60 challenged the quote’s further downside.

The corrective pullback, however, remains below the previous support line near $20.90 to keep sellers hopeful of witnessing the aforementioned horizontal support near $20.60.

Though, nearly oversold RSI conditions seem to challenge the metal prices at the weekly low, a break of which could direct the sellers towards the yearly bottom of $20.45 marked in May.

In a case where XAG/USD remains bearish past $20.45, the 61.8% Fibonacci Expansion (FE) of April 20 to June 06 moves, near $19.45, will be in focus.

Alternatively, recovery remains elusive below the support-turned-resistance level of $20.90.

Following that, downward sloping trend lines from June 21 and June 06, respectively near $21.25 and $21.40, could challenge the silver buyers.

It’s worth noting, however, that the 200-SMA level of $21.68 holds the key to XAG/USD bull’s entry.

Silver: Four-hour chart

Trend: Limited downside expected

Additional important levels

Today last price 20.83
Today Daily Change -0.03
Today Daily Change % -0.14%
Today daily open 20.86
Daily SMA20 21.61
Daily SMA50 22.08
Daily SMA100 23.44
Daily SMA200 23.31
Previous Daily High 21.36
Previous Daily Low 20.8
Previous Weekly High 21.94
Previous Weekly Low 20.62
Previous Monthly High 23.28
Previous Monthly Low 20.46
Daily Fibonacci 38.2% 21.01
Daily Fibonacci 61.8% 21.15
Daily Pivot Point S1 20.65
Daily Pivot Point S2 20.44
Daily Pivot Point S3 20.08
Daily Pivot Point R1 21.21
Daily Pivot Point R2 21.57
Daily Pivot Point R3 21.78



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