- Silver keeps Monday’s rebound from 200-day SMA, picks up bids of late.
- 100-day SMA, multiple highs since March probe buyers.
- RSI conditions, sustained trading above the key SMA favor bulls.
Silver buyers attack the $26.00 threshold, up 0.13% intraday, ahead of Tuesday’s European session. In doing so, the quote keeps the previous day’s bounce off 200-day SMA amid RSI recovery from oversold conditions.
Silver bulls eyeing further consolidation from important SMA, amid favorable RSI conditions, require a clear upside break of the $26.60-65 horizontal hurdle, comprising 100-day SMA and multiple tops marked since March 18 to regain the throne.
Following that, the early-month low near the $27.00, the $28.00 and another horizontal hurdle around $28.30 will be in the spotlight.
Meanwhile, pullback moves remain less worrisome until staying beyond the 200-day SMA level of $25.70. Also defending the silver buyers is an ascending support line from November 30, 2020, around $25.00.
In a case where the precious metal fails to stay above the $25.00 round–figure, the yearly bottom surrounding $23.75 should lure the silver bears.
Silver daily chart
Trend: Further recovery expected
Additional important levels
|Today last price||25.99|
|Today Daily Change||0.03|
|Today Daily Change %||0.12%|
|Today daily open||25.96|
|Previous Daily High||26.08|
|Previous Daily Low||25.55|
|Previous Weekly High||28.02|
|Previous Weekly Low||25.76|
|Previous Monthly High||28.75|
|Previous Monthly Low||25.81|
|Daily Fibonacci 38.2%||25.88|
|Daily Fibonacci 61.8%||25.76|
|Daily Pivot Point S1||25.64|
|Daily Pivot Point S2||25.33|
|Daily Pivot Point S3||25.11|
|Daily Pivot Point R1||26.18|
|Daily Pivot Point R2||26.4|
|Daily Pivot Point R3||26.71|
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