- Silver eases from short-term channel’s resistance line, snaps two-day uptrend.
- Bullish MACD signals, sustained bounce off 78.6% Fibonacci retracement keep buyers hopeful.
Silver (XAG/USD) grinds higher around $22.50, down 0.14% intraday, amid early Monday.
In doing so, the bright metal fades Friday’s bounce off 78.6% Fibonacci retracement (Fibo.) level of September-November upside while easing from a resistance line of the two-week-old descending trend channel.
Given the bullish MACD and the quote’s repeated bounces off the key stated key Fibo. level surrounding $22.25-20, silver prices are likely to recover.
However, a clear upside break of the immediate hurdle surrounding $22.65 becomes necessary for the bulls to retake controls.
Even so, early November’s low near the $23.00 threshold and 200-SMA level of $24.00 will be tough nuts to crack for the XAG/USD bulls.
On the contrary, pullback moves will retest the stated Fibonacci retracement level of $22.25-20, a break of which will direct silver prices to the $22.000 and then to the channel’s support line near $21.80.
Should the commodity prices remain bearish past $21.80, the yearly low marked in September around $21.40 will be in focus.
Silver: Four-hour chart
Trend: Corrective pullback expected
Additional important levels
|Today last price||22.52|
|Today Daily Change||-0.03|
|Today Daily Change %||-0.13%|
|Today daily open||22.55|
|Previous Daily High||22.58|
|Previous Daily Low||22.04|
|Previous Weekly High||23.44|
|Previous Weekly Low||22.04|
|Previous Monthly High||25.41|
|Previous Monthly Low||22.69|
|Daily Fibonacci 38.2%||22.37|
|Daily Fibonacci 61.8%||22.25|
|Daily Pivot Point S1||22.2|
|Daily Pivot Point S2||21.85|
|Daily Pivot Point S3||21.66|
|Daily Pivot Point R1||22.74|
|Daily Pivot Point R2||22.93|
|Daily Pivot Point R3||23.28|
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