- Silver remains sidelined after two-day uptrend to seven-week high.
- Short-term horizontal resistance, downbeat Momentum line challenge bulls.
- Previous resistance from early October, 200-SMA guard short-term downside.
Silver (XAG/USD) bulls seem tiring around $24.55 following the two-day run-up to the multi-day high.
That said, the quote seesaws during Tuesday’s Asian session while keeping the last week’s upside break of the resistance line from October 03, now support around $24.25, as well as the 200-SMA level of $23.03.
However, descending Momentum line and failures to cross September’s peak challenge the XAG/USD buyers around $24.90.
Also acting as an upside barrier is the $25.00 round figure, a break of which will direct silver buyers towards the August month’s top near $26.00.
On the contrary, the stated resistance-turned-support and 200-SMA, respectively near $24.25 and $23.00, restrict short-term declines of the metal.
Should the quote drops below $23.00, the bearish momentum could escalate towards the monthly low of $21.99 before challenging the previous month’s trough surrounding $21.40.
Silver: Four-hour chart
Trend: Pullback expected
Additional important levels
|Today last price||24.56|
|Today Daily Change||-0.01|
|Today Daily Change %||-0.04%|
|Today daily open||24.57|
|Previous Daily High||24.62|
|Previous Daily Low||24.29|
|Previous Weekly High||24.83|
|Previous Weekly Low||23.01|
|Previous Monthly High||24.87|
|Previous Monthly Low||21.42|
|Daily Fibonacci 38.2%||24.5|
|Daily Fibonacci 61.8%||24.42|
|Daily Pivot Point S1||24.37|
|Daily Pivot Point S2||24.17|
|Daily Pivot Point S3||24.04|
|Daily Pivot Point R1||24.7|
|Daily Pivot Point R2||24.82|
|Daily Pivot Point R3||25.03|
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