- Silver prices struggle to overcome intraday low, reverses Monday’s gains.
- Bearish MACD signals keep sellers hopeful inside short-term symmetrical triangle.
- 200-SMA, 50% Fibonacci retracement act as additional trading filters.
Silver (XAG/USD) fades bounce off intraday low, down 0.40% on a day while recently easing to $22.92 ahead of Tuesday’s European session.
In doing so, the bright metal drops back to the 100-SMA while staying inside a two-month-old symmetrical triangle.
Given the bearish MACD signals and repeated failures to stay firmer above the 100-SMA, XAG/USD is likely to break the $22.85 immediate support.
Following that, the 200-SMA level of $22.60 may offer an intermediate halt during the metal’s likely fall towards the stated triangle’s support line near $22.20.
On the contrary, a clear upside break of the triangle’s resistance line, close to $23.30, becomes necessary for the commodity prices to aim for a 50% Fibonacci retracement level of November-December downside, near $23.40.
In a case where silver rises past $23.40, the late November swing high near $23.75 may test the bulls before directing them to the $24.00 threshold.
Overall, silver prices are likely to remain pressured inside a neutral chart pattern.
Silver: Four-hour chart
Trend: Further weakness expected
Additional important levels
|Today last price||22.92|
|Today Daily Change||-0.10|
|Today Daily Change %||-0.43%|
|Today daily open||23.02|
|Previous Daily High||23.12|
|Previous Daily Low||22.83|
|Previous Weekly High||23.31|
|Previous Weekly Low||22.2|
|Previous Monthly High||23.44|
|Previous Monthly Low||21.42|
|Daily Fibonacci 38.2%||23.01|
|Daily Fibonacci 61.8%||22.94|
|Daily Pivot Point S1||22.86|
|Daily Pivot Point S2||22.71|
|Daily Pivot Point S3||22.58|
|Daily Pivot Point R1||23.14|
|Daily Pivot Point R2||23.27|
|Daily Pivot Point R3||23.43|
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