• 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

Overview
Today last price 22.52
Today Daily Change -0.03
Today Daily Change % -0.13%
Today daily open 22.55
 
Trends
Daily SMA20 23.96
Daily SMA50 23.57
Daily SMA100 23.8
Daily SMA200 25.09
 
Levels
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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