- Silver keeps the bounce off 200-bar SMA inside one-week-old ascending trend channel.
- Multiple failures to break the key SMA joins bullish chart pattern to favor buyers.
- Sellers can aim for monthly low on the downside break of the channel.
Silver prices stay mildly positive while taking rounds to $27.17 during Thursday’s Asian session. The white metal has been trading beyond 200-bar SMA despite the MACD histogram’s recent weakness. Also portraying the commodity’s strength could be an upward sloping trend channel formation since September 09.
As a result, $27.45 and the weekly high near $27.60 can lure silver buyers before highlighting the aforementioned channel’s resistance line, currently around $27.70.
Also acting as an upside barrier is the 61.8% Fibonacci retracement of the early-month declines by the bullion, at $27.73 now.
Alternatively, a 200-bar SMA level of $27.05 offers immediate support to the quote before the channel’s lower line, near $26.80, challenges the sellers.
It should, however, be noted that silver bears’ dominance past-$26.80 will be targeting the monthly low of $25.84.
Silver four-hour chart
Trend: Further recovery expected
Additional important levels
|Today last price||27.18|
|Today Daily Change||0.04|
|Today Daily Change %||0.15%|
|Today daily open||27.14|
|Previous Daily High||27.63|
|Previous Daily Low||27|
|Previous Weekly High||27.49|
|Previous Weekly Low||25.85|
|Previous Monthly High||29.86|
|Previous Monthly Low||23.44|
|Daily Fibonacci 38.2%||27.39|
|Daily Fibonacci 61.8%||27.24|
|Daily Pivot Point S1||26.89|
|Daily Pivot Point S2||26.63|
|Daily Pivot Point S3||26.26|
|Daily Pivot Point R1||27.51|
|Daily Pivot Point R2||27.88|
|Daily Pivot Point R3||28.13|
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