• Silver fades bounce off two-month low, stays below fortnight-old resistance line.
  • Oversold RSI probes sellers but bulls need to cross 200-SMA for conviction.

Silver (XAG/USD) remains pressured, paring the previous day’s corrective pullback from a multiday low during Friday’s Asian session.

In doing so, the bright metal seesaws around 78.6% Fibonacci retracement level of an upside from late September to mid-November. Adding to the bearish bias is the descending trend line from November 22.

However, oversold RSI conditions challenge the XAG/USD sellers, which in turn question the bears and raises hopes of a bounce towards the short-term resistance line, near $22.65 at the latest.

Should silver buyers conquer the $22.65 hurdle, the $23.00 threshold and 50% Fibo. near $23.40 can test the upside before driving the prices towards the 200-SMA level of $24.06.

On the flip side, a clear downside break of the stated 78.6% Fibonacci retracement level of $22.20 may respect the $22.00 round figure as an intermediate halt during the fall to the yearly bottom of $21.42.

Overall, silver prices are likely to remain bearish until crossing the 200-SMA hurdle but corrective pullbacks can’t be ruled out.

Silver: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 22.39
Today Daily Change 0.01
Today Daily Change % 0.04%
Today daily open 22.38
 
Trends
Daily SMA20 24.04
Daily SMA50 23.56
Daily SMA100 23.83
Daily SMA200 25.12
 
Levels
Previous Daily High 22.51
Previous Daily Low 22.22
Previous Weekly High 24.89
Previous Weekly Low 22.92
Previous Monthly High 25.41
Previous Monthly Low 22.69
Daily Fibonacci 38.2% 22.4
Daily Fibonacci 61.8% 22.33
Daily Pivot Point S1 22.23
Daily Pivot Point S2 22.08
Daily Pivot Point S3 21.94
Daily Pivot Point R1 22.52
Daily Pivot Point R2 22.66
Daily Pivot Point R3 22.81

 

 

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