- Silver trims intraday gains inside a bullish chart pattern.
- Normal RSI conditions, weekly support line favor buyers to aim for 200-HMA.
- Multiple hurdles probe bears below the monthly bottom.
Silver prices wobble around $25.80, up 0.18% intraday, despite the recent pullback during early Wednesday. Although the white metal fades bounce off 10-week low, flashed on Monday, it stays above the weekly support line and inside a bullish chart formation called falling wedge.
As RSI conditions also reject further bearish momentum, silver buyers could seek entries on the upside break of $25.95, the confirmation point for the stated bullish pattern.
Following that, the late Thursday’s swing high around $26.50 and 200-HMA near the $27.00 should return to the charts. However, the early month lows around $27.30 may check the bulls afterward.
Meanwhile, a downside break of the immediate support, close to $25.70, may refresh the multi-day low by targeting the wedge’s lower line figure of $25.50.
In a case where the silver sellers keep reins below $25.50, RSI conditions can challenge the further downside around the $25.00 or near early March lows close to $24.80.
Silver hourly chart
Trend: Recovery expected
Additional important levels
|Today last price||25.8|
|Today Daily Change||0.04|
|Today Daily Change %||0.16%|
|Today daily open||25.76|
|Previous Daily High||26.04|
|Previous Daily Low||25.69|
|Previous Weekly High||28.02|
|Previous Weekly Low||25.76|
|Previous Monthly High||28.75|
|Previous Monthly Low||25.81|
|Daily Fibonacci 38.2%||25.83|
|Daily Fibonacci 61.8%||25.91|
|Daily Pivot Point S1||25.62|
|Daily Pivot Point S2||25.48|
|Daily Pivot Point S3||25.27|
|Daily Pivot Point R1||25.97|
|Daily Pivot Point R2||26.18|
|Daily Pivot Point R3||26.32|
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