- Silver keeps bounces off a three-day low of $23.93 flashed the previous day.
- U-turn from 61.8% Fibonacci retracement, MACD conditions favor further recovery.
- Multiple supports can challenge the bears before September month’s low under $22.00.
Silver prints mild gains while flashing $24.18 as a quote, up 0.17% intraday, during Wednesday’s Asian session. In doing so, the commodity holds its pullback moves from 61.8% Fibonacci retracement of October 06-12 upside.
Not only the white metal’s recovery from the key Fibonacci support but the MACD conditions, currently teasing bulls, also favor the buyers’ return.
Even so, a clear break above the $24.20/25 confluence including 200-HMA and 50% Fibonacci retracement becomes necessary for the bulls to target the $24.60 resistance. Also likely to challenge silver bulls is a six-day-old the ascending trend line near $25.00.
During the metal’s further upside beyond the $25.00 threshold, the $25.25 and the monthly peak close to $25.60 will be in the spotlight.
Meanwhile, silver weakness below the 61.8% Fibonacci retracement level around $23.90 will have multiple stops close to $23.60 and $23.30 before challenging the monthly bottom close to $22.87.
Silver hourly chart
Trend: Further recovery expected
Additional important levels
|Today last price||24.18|
|Today Daily Change||0.04|
|Today Daily Change %||0.17%|
|Today daily open||24.14|
|Previous Daily High||25.2|
|Previous Daily Low||23.94|
|Previous Weekly High||25.18|
|Previous Weekly Low||22.88|
|Previous Monthly High||28.9|
|Previous Monthly Low||21.66|
|Daily Fibonacci 38.2%||24.42|
|Daily Fibonacci 61.8%||24.72|
|Daily Pivot Point S1||23.65|
|Daily Pivot Point S2||23.16|
|Daily Pivot Point S3||22.39|
|Daily Pivot Point R1||24.91|
|Daily Pivot Point R2||25.69|
|Daily Pivot Point R3||26.18|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.