- Silver prices pick-up bids around the highest levels in three weeks.
- Clearance of horizontal resistance from January 06 backs the bulls.
- Confluence of 21-day SMA, monthly falling trend line offers strong support.
Silver rises to $28.21 during the initial Asian session on Tuesday. The white metal cleared two key hurdles the previous day for climbing to the early February tops before easing from $28.28.
However, the commodity stays above previous resistances amid strong RSI conditions, which in turn keeps the bulls hopeful.
Hence, the $29.00 is up on the buyers’ radar while the $30.00 psychological magnet and the monthly top near $30.10 being the key hurdles to watch afterward.
Alternatively, a downside break below the seven-week-old horizontal support near $27.95 can restrict the bullion’s immediate downside ahead of dragging it to the convergence of 21-day SMA and a downward sloping trend line from February 01, currently around $27.05.
In a case where silver bears manage to sneak in below $27.00, the monthly low near 425.90 will be on their radars.
Overall, silver cleared the key upside barrier and is up for fresh north-run.
Silver daily chart
Additional important levels
|Today last price||28.2|
|Today Daily Change||1.00|
|Today Daily Change %||3.68%|
|Today daily open||27.2|
|Previous Daily High||27.61|
|Previous Daily Low||26.2|
|Previous Weekly High||27.96|
|Previous Weekly Low||26.2|
|Previous Monthly High||27.92|
|Previous Monthly Low||24.19|
|Daily Fibonacci 38.2%||27.07|
|Daily Fibonacci 61.8%||26.74|
|Daily Pivot Point S1||26.4|
|Daily Pivot Point S2||25.59|
|Daily Pivot Point S3||24.98|
|Daily Pivot Point R1||27.81|
|Daily Pivot Point R2||28.42|
|Daily Pivot Point R3||29.22|
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